CRISIL Mutual Fund Ranking. For the quarter ended December 31, 2017

Transcription

1 CRISIL Mutual Ranking For the quarter ended December 31, 2017

2 Contact Us Analytical Yatendra Chauhan Associate Director s & Fixed Income Research yatendra.chauhan@crisil.com Kiran Nate Manager s & Fixed Income Research kiran.nate@crisil.com Zunjar Sanzgiri Research Analyst s & Fixed Income Research zunjar.sanzgiri@crisil.com Business Development Vishal Ahuja Director s & Fixed Income Research vishal.ahuja@crisil.com Dinesh Agarwal Associate Director s & Fixed Income Research dinesh.agarwal@crisil.com Deepak Mittal Associate Director s & Fixed Income Research deepak.mittal@crisil.com Vijay Krishnamurthy Associate Director s & Fixed Income Research vijay.krishnamurthy@crisil.com

3 Industry highlights The Indian mutual fund industry s quarterly average assets under management (AAUM) rose 6.8% to Rs trillion (excluding domestic fund of funds) in the quarter ended December 2017 the highest since the Association of Mutual s in India (AMFI) started declaring quarterly AUM in September Equity, short-term debt and money market funds were key growth drivers. On an annual basis, the industry posted record growth of 32% (or Rs 5.4 trillion) in 2017 compared with 26% (or Rs 3.53 trillion) in the preceding year. Investors continued to be upbeat about investing in equityoriented funds (includes balanced funds and equity exchange traded funds or ETFs) as witnessed from the inflow trend. The category has seen inflows for 16 consecutive quarters. Robust inflows of Rs 882 billion clubbed with mark-to-market gains pushed the category s assets over the Rs 9 trillion mark. Assets grew 15.0%, or by Rs 1.23 trillion, to a new high of Rs 9.43 trillion. In 2017, the category s AAUM rose by Rs 3.80 trillion compared with Rs 1.08 trillion growth in the preceding year. The equity market, represented by Nifty 50, soared 7.6% in the quarter and 28.7% in Short-term debt funds assets grew 3.1% (or by ~Rs 92 billion) to Rs 3.07 trillion in the quarter ended December. Liquid funds reversed the previous quarter s fall and rose 2.5%, or by ~Rs 100 billion, to Rs 4.18 trillion. However, assets of ultra short-term debt funds dipped 1.2%, or by Rs 29 billion, to Rs 2.37 trillion. In 2017, AAUM of short-term debt funds, ultra short-term debt funds and liquid funds posted growth of 23.5%, 20.2% and 20.5%, respectively. Falling expectations of monetary easing by the Reserve Bank of India amid rising inflation and concerns about fiscal slippage by the government weighed on long-maturity debt and gilt funds. While income funds assets posted modest growth of 4.1% to Rs 1.27 trillion, gilt funds assets fell 1.6% to Rs 165 billion. On a yearly basis, income funds assets increased 17.7%, while gilt funds assets fell 6.2%. Yield on the 10-year benchmark bond rose to 7.33% in December-end from 6.66% a quarter ago and 6.51% a year ago. Chart 1 Mutual fund net flows and AUM trend Qtrly Avg AUM Rs trillion Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Source AMFI Table 1 Category-wise average AUM (Rs billion) Oct-Dec Jul-Sep Absolute Mutual fund category Change (bn) % change Equity* Liquid/money market Debt** Fixed maturity plans (FMPs) Infrastructure debt fund Gold ETFs Others Total * Includes equity-oriented funds, balanced funds and ETFs other than gold ETFs ** Includes long-term, gilt, short-term, ultra short-term and other debtoriented funds Source - CRISIL Mutual Database Of the 42 fund houses (including infrastructure debt funds), which have declared AAUM, only five witnessed a fall in assets. The industry continued to be highly concentrated, with the share of the top five and top 10 fund houses coming in at 56.89% and 80.70% compared with 56.95% and 80.97%, respectively, a quarter ago Net flows (Rs trillion) Industry AUM (Rs trillion) Net flows Rs trillion AAUM of gold ETFs fell 3.2% on-quarter and 4.4% on-year to Rs billion in December The category has been witnessing consistent outflows for over four years owing to subdued performance of the underlying asset class. 1

4 ICICI Prudential Mutual continued to be the industry leader in terms of assets managed. Its assets grew 5.1%, or by Rs 143 billion, on-quarter to Rs 2.93 trillion. HDFC Mutual came second with a rise of Rs 194 billion or 7.2% to Rs 2.89 trillion. Reliance Mutual maintained third position with Rs 2.44 trillion, up by Rs 122 billion or 5.26%. Assets of HDFC Mutual and SBI Mutual rose the highest in absolute terms. Major regulations and developments Securities and Exchange Board of India (Sebi) prescribed norms for enhancing governance at mutual fund houses. It decided to put a 10% cross-shareholding cap on mutual funds. Sebi said mutual funds, while preparing a single consolidated list of stocks, should consider average full market capitalisation of the previous six months of the stocks. The capital markets regulator asked mutual funds to submit their proposals for rationalisation of schemes after getting approval from trustees. Sebi issued a consultation paper, proposing to allow mutual funds and portfolio managers to participate in the exchange-traded commodity derivatives market. Sebi asked mutual fund houses to adopt total return index to benchmark schemes from February 1. Employee Provident Organisation decided to credit units of ETFs to the provident fund accounts of its subscribers. Pension Regulatory and Development Authority increased the maximum age of joining the National Pension System-private sector to 65 years from 60 years. NSE has enabled e-mandate facility on its mutual fund platform. Bank of Baroda has acquired 51% stake held by foreign partner Pioneer Investments in their joint venture asset management company. HDFC Mutual board has approved initiating the process for an initial public offering. 2

5 29-Sep-17 6-Oct Oct Oct Oct-17 3-Nov Nov Nov Nov-17 1-Dec-17 8-Dec Dec Dec Dec-17 Nifty 50 FII/ MF Daily Net Equity Investments Rs. billion Equity market overview Table 2 Movement of key equity market indices Index Quarter ended Dec-17 (% change) Year ended Dec-17 (% change) Nifty Nifty Nifty Realty Nifty Free Float Smallcap Nifty Free Float Midcap Nifty Infrastructure Nifty Energy Index Nifty IT Index Nifty Auto Nifty Metal Nifty FMCG Nifty Commodities Nifty Bank Nifty Pharma Sectoral indices sorted on three-month returns Source - NSE Indian equities, represented by benchmark Nifty 50, soared around 8% in the quarter ended December. Sentiments were supported by: a) the government s proposed Rs 6.92 trillion infrastructure spending plan and Rs 2.11 trillion recapitalisation plan for public sector banks, b) an improvement in India s Ease of Doing Business rankings, c) Moody s upgrade of India s sovereign bond rating for the first time in 14 years, d) the victory of the ruling party in the Gujarat and Himachal Pradesh assembly elections, e) a recovery in the country s gross domestic product (GDP) in the Q2 FY18 and passage of the US tax-deduction bill and f) persistent buying by domestic institutional investors (DIIs); they bought equities worth Rs 275 billion in the December quarter compared with buying of Rs 420 billion in the previous quarter. However, some gains were trimmed owing to political uncertainty in Europe, renewed geopolitical tensions emanating from North Korea and sell-off in Chinese equities. On the domestic front, growing concerns about fiscal slippage, particularly after the government announced additional market borrowings of Rs 500 billion for , pulled equities down. Disappointing goods and services tax (GST) revenue collection for November 2017, weak inflation and industrial output data also chipped off some gains. Dampening hopes of a rate cut by the Reserve Bank of India (RBI) and fall in some heavyweights amid downbeat quarterly earnings numbers pulled down the benchmarks further. All NSE sectoral indices ended higher in the quarter. Nifty Realty jumped about 27%, aided by the Cabinet s decision to increase in carpet area of houses under the Pradhan Mantri Awas Yojana. Nifty Auto gained around 11% on stock-specific developments and year-end discounts offered by manufactures. Nifty Metal also rallied nearly 11% following a rise in global metal prices. Chart 2 Mutual fund daily investments & Nifty movement Source - SEBI, NSE FII Daily Net Equity Investments MF Daily Net Equity Investments Nifty OVERVIEW 3

6 Debt market overview Interbank call money rates mostly remained below the repo rate during the quarter amid comfortable liquidity in the banking system. Reversal of reverse repo auctions conducted earlier by the RBI brought inflows into the system and kept fund demand low. However, ample liquidity prompted the central bank to hold regular reverse repo auctions. Brief spike in call rates was seen on account of outflows pertaining to the GST and advance tax. Firm demand for funds from banks to meet their quarter-end and mandatory reserve requirements also spiked up the rates to a certain extent. A further hike in the call rate was restrained, as the RBI conducted sporadic repo auctions to infuse liquidity. Chart 3 Movement of overnight MIBOR 8.00% 7.50% 7.00% 6.50% 6.00% about whether it would be able to pass key reforms. S&P s decision to retain India s sovereign rating also weighed on bonds. The central bank s move to reduce the held-tomaturity (HTM) limit and the statutory liquidity ratio (SLR) dampened demand for gilts further. The RBI reduced the SLR by 0.5% to 19.5% and cut the ceiling on SLR securities under HTM from 20.25% to 19.50% of banks' Net Demand and Time Liability (NDTL) in a phased manner. Some losses were, however, trimmed on intermittent short covering, quarter-end bond buying by public sector banks and as market players were relieved that the US Fed s monetary policy statement did not hint at more aggressive Chart 4 10-year benchmark gilt yield 7.20% 7.00% 6.80% 6.60% 6.40% 6.20% 5.50% 6.00% 30-Dec Jan Feb Mar Apr May Jun Jul Aug-17 8-Sep-17 6-Oct-17 3-Nov-17 1-Dec Dec Dec Jan Feb Mar Apr May Jun Jun Jul Aug Sep Oct Nov Dec Dec-17 Source FIMMDA Government bond prices declined in the December quarter, with the yield on the 10-year benchmark 6.79% 2027 paper rising to highest level in six quarters to 7.40% before finishing at 7.33% on December 29, The yield had ended at 6.66% on September 29, Prices were affected after the government announcement of Rs 500 billion of additional borrowing over the January-March 2018 period, sparking worries about fiscal slippage. In a latest development, the government has however reduced its additional borrowing to Rs 200 billion instead of the originally proposed Rs 500 billion. Sentiments for gilts were further dented during the quarter after data showed a rise in domestic inflation and global crude oil prices, thereby diminishing hopes of interest rate cuts by the RBI in the near future and even stoking fears that the central bank could raise interest rates in the medium term. Gilts also fell after the ruling party won the Gujarat assembly election by a thin margin, thereby raising concerns Source - CRISIL Fixed Income Database increases in interest rates. Gilts got further support after Moody's Investors Service upgraded India's local and foreign currency issuer rating to Baa2 from Baa3. Key developments in the quarter: The RBI raised foreign portfolio investors (FPIs) investment limit in central government securities by Rs 64 billion to Rs trillion and by Rs 58 billion to Rs 451 billion in state development loans (SDLs). The central bank also eased the rules for short-selling in government bonds, allowing traders to deliver securities from their own portfolio against short sales in "exceptional situations" of market stress. Sebi came up with regulations regarding disclosure of financial results by issuers of listed debt on the exchange(s). Further, it allowed listing of security receipts issued by asset reconstruction companies. 4

7 Ranking summary For the quarter ended December 2017, CRISIL ranked 380 funds, which accounted for 80.69% of the mutual fund industry assets. They comprised 169 equity, 182 debt and 29 hybrid funds. As many as 113 were ranked 1 or 2 (top 30 percentile), accounting for 31.74% of the ranked funds assets under management (AUM) vis-a-vis 29.83% in the September quarter. Aditya Birla Sun Life and ICICI Prudential Mutual led the pack of fund houses, as 10 of their funds made it to the top 30 percentile of CRISIL Mutual Ranking (CMFR). They were followed by Reliance Mutual at 9. In the equity-oriented funds category, the top position was shared by Aditya Birla Sun Life, IDFC, L&T and Reliance Mutual at five funds each ranked 1 and 2. ICICI Prudential and UTI Mutual led among fixed income funds, again at five funds each in the top 30 percentile, while ICICI Prudential Mutual (two funds) was the leader in the hybrid category. Small and mid-cap funds lead amidst rally in the equity market Unlike tepid growth in the September quarter, the equity market soared to record highs in the December quarter. Nifty 50 returned 7.58% compared with 2.81% in the previous quarter. Small cap and mid-cap indices registered returns as high as 19.89% and 16.71%, respectively. Consequently, small and mid-cap funds led the rally among equity funds with 14.14% returns in the quarter, followed by ELSS funds 11.07%. Category^ Returns (%) 3 month 6 month 1 year 3 year Diversified ELSS Small & Midcap Large cap Indices 3 month 6 month 1 year 3 year Nifty Nifty Nifty Free Float Midcap 100 Nifty Free Float Smallcap Returns above 1 year are annualised; as on December 29, 2017 ^Categories represented by CRISIL-AMFI fund performance indices Financial services sector retains favour The top five sectors formed 64.87% of the market value of equity funds, barring thematic infrastructure funds. These funds maintained highest exposure to the financial services sector, in line with the previous quarter. Consumer goods moved up as the second choice from the third place in the previous quarter making a promising comeback from the previous quarter in terms of returns. Growth in core sectors and revival in exports in the December quarter bode well for the sector as signalled by the Purchasing Managers Index (PMI) of 54.7 in December Sector Financial services Consumer goods* Returns Returns Expo Dec Expo Sep Dec quarter Sep quarter quarter (%) quarter (%) (%) (%) Automobile Energy Industrial manufacturing* *Sectoral returns were calculated using stock constituents of Nifty 100 in the sector The automobile sector benefited from an increase in economic activity as passenger vehicle sales picked up in November Nevertheless, exposure to the automobile sector slipped to third place despite high returns in the sector. Energy and industrial manufacturing in that order finished off the top five sectors by market value. 5

8 At the stock level, HDFC Bank (3.69% absolute returns in the December quarter), ICICI Bank (13.52%), Larsen & Toubro (10.17%), Infosys (15.80%) and State Bank of India (22.08%) were among the top holdings in the large cap and diversified funds. All except HDFC Bank quoted double-digit returns in the quarter. Among small and mid-cap funds, the top holdings were Federal Bank (-3.68%), Voltas (29.61%), Schaeffler India (19.90%), Finolex Cables (30.55%) and Atul Ltd (14.46%). All except Federal Bank generated substantial returns as the small and mid-cap index gained much more than the broader market index (Nifty 50). On the basis of stock concentration, the portfolio of small and mid-cap funds was quite diversified in comparison to the large cap and diversified peers. Exposure (%) Top 5 stocks Dec quarter Sep quarter Top 10 stocks Dec quarter Sep quarter Large cap Diversified Small & mid-cap ELSS IPO segment works its charm with strong investments The quarter witnessed initial public offerings (IPOs) of as many as 11 stocks. Investment by mutual funds in these stocks was ~Rs 48,741 million amidst the general optimism in the equity market. Stock Reliance Nippon Life Asset Mgmt Mkt value of investment by MFs as of Dec (Rs mn) Absolute return % (issue till Dec) Investment by no. of schemes 5, % 10 SBI Life Insurance 17, % 32 Shalby % 2 *Returns calculated as per September quarter closing price with respect to the issue price Hardening yields hit long-term debt funds 10-year government security (G-sec) yields rose 67 bps in the quarter before closing at 7.33% in December The Reserve Bank of India (RBI) maintaining status quo in repo rate and high CPI (consumer price index) of 5.21% in December 2017 fuelled apprehensions of bond market investors. Announcement of additional market borrowing of Rs 50 thousand crore by the government (later in January reduced to Rs 20 thousand crore) added to the jitters in the G-sec market owing to worries of fiscal slippage. In the backdrop of the above events, credit opportunities (CROP) and debt short funds largely maintained their duration, while gilt and income funds substantially trimmed their duration. 8.50% 8.00% 10-year Benchmark G-sec yield Stock Mkt value of Absolute Investment investment by return % by no. of MFs as of Dec (issue till schemes (Rs mn) Dec) Future Supply Chain Solutions 1, % 5 General Insurance Corporation % 5 Godrej Agrovet 2, % % 7.00% 6.50% 6.00% 30-Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec-17 HDFC Standard Life Insurance 14, % 27 Indian Energy Exchange 2, % 8 Khadim India % 5 Mahindra Logistics 1, % 5 Prataap Snacks 1, % 9 6

9 Duration is the key return driver The quarter was dominated by duration calls and evidently liquid and ultra-short-term funds led debt funds in this Duration (years) quest. They were followed by CROP and debt short funds which had much smaller duration than their gilt and income counterparts, and hence were better protected against the rise in bond yields CROP Debt Short Gilt Income Dec Qtr Sep Qtr Rank 1 funds in all the debt categories had a lower duration to moderate the impact of rising yields. However, in continuance with the performance last quarter, gilt and income funds were the laggards in this quarter as well; in fact, their performance turned negative. Income funds returned -0.86% in the December quarter, while gilt funds yielded -1.55%. In the September quarter, income and gilt funds returned 0.97% and 0.50%, respectively. Returns (%) Category^ 3 months 6 months 1 year 3 years Liquid Ultra ST CROP Short-term debt Income Gilt Returns above 1 year are annualized; as on December 29, 2017 ^ Categories represented by CRISIL-AMFI fund performance indices Liquid and ultra-short-term funds gained 1.58% and 1.32%, respectively, and scored highest on the three-month return parameters which can be largely attributed to low modified duration. They were followed by CROP funds 0.87%. Unlike other CROP funds in the category, rank 1 funds maintained greater exposure to A+/A2+ & below securities segment, averaging 34.21% in the quarter compared to 26.29% by the category. This ensures better income from coupon payment when price appreciation is difficult to attain. On a similar note, rank 1 debt short funds relied more on corporate debt in comparison to their peers in the category. Only 5.41% of their corpus was invested in G-secs in the quarter against the category s 14.64%. CROP Debt Short Income % Average Dec Sep Dec Sep Dec Sep Exposure Qtr Qtr Qtr Qtr Qtr Qtr A+/A2+ & below AA category & A AAA & A Sovereign Cash & others CROP funds witnessed maximum growth in AUM among debt funds at 5.54% over the previous quarter. The increase was much higher among rank 1 funds whose corpus grew 14.04% in the quarter. AUM of other debt funds declined sequentially. The movement in yields also affected the amount of cash held by the fund managers. Rank 1 gilt funds stashed an average of 21.01% cash and cash equivalents in the December quarter against 12.37% in the September quarter and were at an advantage compared with rank 5 in the category which held just 7.45% cash in the December quarter and invested the rest in sovereign securities. Such a pattern was visible among rank 1 income funds as well, which accumulated 12.74% cash and cash equivalents in the quarter compared with 6.05% in the previous quarter. 7

10 CRISIL mutual fund categories Equity funds 1. Large cap-oriented equity funds 2. Diversified equity funds 3. Small and mid-cap equity funds 4. Thematic - infrastructure funds 5. Equity-linked savings schemes (ELSS) 6. Index funds Hybrid funds 7. Balanced funds 8. Monthly income plan - aggressive Debt s 9. Long-term gilt funds 10. Income funds 11. Credit opportunities funds 12. Short-term income funds 13. Ultra-short-term debt funds 14. Liquid funds Performance period for rankings: Three years for equity funds (including index funds), income funds, gilt funds and hybrid funds; one year for liquid, ultra-short-term debt, short term income and credit opportunities funds. CRISIL Mutual Ranking category definitions Rankings category CRISIL Rank 1 CRISIL Rank 2 CRISIL Rank 3 CRISIL Rank 4 CRISIL Rank 5 Interpretation Very good performance Good performance Average performance Below average performance Relatively weak performance If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for CRISIL Rank 2 (11 th to 30 th percentile), CRISIL Rank 5 (last 91 st to 100 th percentile) and CRISIL Rank 4 (71 st to 90 th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Rank 3 cluster. 8

11 Large cap-oriented equity funds (Cluster ranks are arranged alphabetically) Large Cap-oriented Equity funds Categorization Dec 17 Rank (Reg) Dec 17 Rank (Dir) Mean Return (Reg) Mean Return (Dir) Volatility Volatility (Reg) (Dir) Industry Concentration Company Concentration Liquidity Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% Kotak Select Focus 1 (1) 1 (1) 2 (1) 1 (1) 3 (3) 3 (3) 4 (3) 2 (2) 4 (4) Reliance Top (2) 1 (3) 1 (2) 1 (2) 4 (4) 4 (4) 1 (3) 2 (2) 3 (3) Reliance Vision ^ 1 (3) 2 (3) 1 (2) 1 (2) 5 (5) 5 (5) 3 (3) 4 (4) 5 (5) HDFC Growth 2 (3) 2 (3) 1 (3) 2 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) ICICI Prudential Focused Bluechip Equity 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4) 3 (2) 4 (4) ICICI Prudential Top 100 ^ 2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) Invesco India Dynamic Equity 2 (1) 1 (1) 3 (1) 2 (1) 1 (1) 1 (1) 1 (2) 4 (4) 1 (1) Sundaram Select Focus 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 1 (3) UTI Top 100 ^ 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (3) 2 (3) Aditya Birla Sun Life Frontline Equity 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 4 (4) Aditya Birla Sun Life Top (1) 3 (1) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 1 (1) 3 (3) Franklin India Bluechip 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 2 (3) 3 (3) 3 (4) HDFC Equity 3 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 4 (3) 3 (3) 5 (5) HDFC Top (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 4 (3) 3 (3) 4 (3) HSBC Equity 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2) Kotak 50 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) Motilal Oswal MOSt Focused 25 3 (2) 3 (2) 2 (1) 2 (1) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) Reliance Focused Large Cap 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (1) 3 (3) 2 (3) SBI Blue Chip 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 1 (1) 5 (5) Tata Large Cap 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3) 2 (2) UTI Mastershare Unit Scheme 3 (4) 3 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) EQUITY FUNDS BNP Paribas Equity ^ 4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 2 (2) DSP BlackRock Focus 25 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (4) 3 (4) HDFC Large Cap 4 (5) 4 (5) 3 (5) 4 (5) 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) ICICI Prudential Select Large Cap 4 (5) 4 (4) 4 (5) 4 (4) 3 (3) 3 (3) 2 (1) 5 (5) 2 (2) UTI Equity 4 (4) 4 (4) 4 (4) 5 (4) 3 (2) 2 (2) 3 (4) 2 (3) 4 (3) UTI Opportunities 4 (5) 4 (5) 5 (4) 4 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) DSP BlackRock Top 100 Equity 5 (4) 5 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3) JM Equity 5 (4) 5 (4) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 2 (2) 3 (1) SBI Magnum Equity 5 (4) 5 (5) 5 (4) 5 (4) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) Figures in bracket indicate the previous quarter rank. P1 signifies period from Jan 15 to Sep 15, P2- Oct 15 to Jun 16, P3 -Jul 16 to Mar 17 and P4 - Mar 17 to Nov 17. Dec 17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar 17. categorization in each period: Large Cap, Diversified, and Small & Mid Cap ^ s have met second level test, hence categorised as Large cap s. 9

12 Diversified equity funds (Cluster ranks are arranged alphabetically) Diversified Equity funds Categorization Dec 17 Rank (Reg) Dec 17 Rank (Dir) Mean Return (Reg) Mean Return (Dir) Volatility Volatility (Reg) (Dir) Industry Concentration Company Concentration Liquidity Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% IDFC Focused Equity 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (4) Principal Emerging Bluechip 1 (1) 1 (1) 1 (1) 1 (1) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) Principal Growth 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 2 (2) 1 (2) 2 (2) Sundaram Rural India 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (5) 1 (1) 3 (3) Tata Equity PE 1 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3) Aditya Birla Sun Life India GenNext 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 2 (2) 2 (3) Axis Focused 25 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (4) 4 (4) 4 (3) BNP Paribas Dividend Yield 2 (2) 2 (2) 3 (2) 2 (2) 3 (3) 3 (3) 2 (3) 2 (3) 2 (2) DSP BlackRock Opportunities 2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 4 (4) 2 (2) 3 (3) HDFC Capital Builder 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (2) IDFC Classic Equity 2 (2) 2 (2) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 3 (2) Invesco India Contra 2 (3) 1 (3) 1 (3) 1 (3) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2) L&T Business Cycles 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) Mirae Asset India Opportunities 2 (2) 3 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) Motilal Oswal MOSt Focused Multicap 35 2 (1) 3 (1) 2 (1) 2 (1) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) Reliance Growth 2 (3) 2 (3) 2 (3) 2 (3) 5 (5) 5 (5) 1 (2) 1 (2) 5 (5) Aditya Birla Sun Life Advantage 3 (1) 3 (1) 2 (1) 2 (1) 4 (4) 4 (4) 4 (4) 3 (3) 3 (2) Aditya Birla Sun Life Equity 3 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 2 (1) 3 (3) DSP BlackRock Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3) Franklin India Flexi Cap 3 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3) 3 (4) 3 (3) Franklin India High Growth Companies 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (4) 4 (5) 5 (5) Franklin India Opportunities 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) HDFC Core and Satellite 3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 5 (5) 3 (3) HSBC India Opportunities 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 3 (4) 2 (3) ICICI Prudential Dynamic Plan 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 2 (3) 4 (4) ICICI Prudential Multicap 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 3 (2) 4 (4) Kotak Opportunities 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 2 (2) 3 (2) L&T India Special Situations 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4) Reliance Regular Savings - Equity 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (1) 4 (3) 5 (5) SBI Contra 3 (4) 3 (4) 3 (3) 3 (4) 3 (2) 3 (2) 4 (3) 4 (4) 4 (4) 10

13 Diversified Equity funds Categorization Dec 17 Rank (Reg) Dec 17 Rank (Dir) Mean Return (Reg) Mean Return (Dir) Volatility Volatility (Reg) (Dir) Industry Concentration Company Concentration Liquidity SBI Magnum MultiCap 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (2) 2 (1) 3 (3) SBI Magnum Multiplier 3 (3) 3 (4) 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 5 (4) Tata Equity Opportunities 3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) Tata Ethical 3 (4) 3 (4) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 2 (1) Templeton India Growth 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) UTI MNC 3 (4) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 4 (4) 4 (4) 4 (4) UTI Multi Cap 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3) 2 (2) 1 (1) Axis Equity 4 (4) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 5 (5) 4 (4) 2 (2) Baroda Pioneer Growth 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 1 (2) Canara Robeco Equity Diversified 4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 3 (3) 3 (3) 2 (1) Franklin India Prima Plus 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) HDFC Premier MultiCap IDBI Diversified Equity 4 (4) 3 (4) 5 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2) IIFL India Growth Indiabulls Bluechip 4 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (3) 4 (4) 2 (1) L&T Equity 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) Reliance Equity Opportunities 4 (5) 4 (5) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) UTI Bluechip Flexicap 4 (3) 4 (4) 3 (3) 4 (3) 2 (3) 2 (3) 4 (4) 3 (3) 3 (3) Quantum Long-Term Equity NA 4 (3) NA 5 (4) NA 2 (2) 2 (1) 4 (4) 2 (1) Aditya Birla Sun Life Dividend Yield Plus 5 (3) 5 (3) 5 (3) 5 (3) 3 (3) 3 (3) 2 (1) 3 (3) 4 (4) ICICI Prudential Exports and Other Services 5 (5) 5 (5) 4 (4) 4 (4) 2 (2) 2 (2) 4 (5) 5 (5) 4 (3) ICICI Prudential Value Discovery 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 1 (2) 4 (4) 4 (5) LIC MF Equity 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 4 (4) 1 (1) UTI Dividend Yield 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (3) 3 (3) 3 (3) 4 (3) Figures in bracket indicate the previous quarter rank. * As regular plan of the Quantum Long Term Equity has not completed three years, only direct plan is ranked. P1 signifies period from Jan 15 to Sep 15, P2- Oct 15 to Jun 16, P3 -Jul 16 to Mar 17 and P4 - Mar 17 to Nov 17. Dec 17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar 17. categorization in each period: Large Cap, Diversified, and Small & Mid Cap 11

14 Small and mid-cap equity funds (Cluster ranks are arranged alphabetically) Small and Mid-cap Equity funds Categorization Dec 17 Rank (Reg) Dec 17 Rank (Dir) Mean Return (Reg) Mean Return (Dir) Volatility Volatility (Reg) (Dir) Industry Concentration Company Concentration Liquidity Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% HDFC Small Cap 1 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 2 (2) 2 (3) 3 (3) L&T Emerging Businesses 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 2 (1) 1 (1) 3 (3) Reliance Small Cap 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 3 (3) 1 (1) 4 (4) Aditya Birla Sun Life Pure Value 2 (3) 2 (3) 2 (2) 2 (2) 5 (5) 5 (5) 4 (4) 4 (4) 2 (3) Aditya Birla Sun Life Small & Midcap 2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 2 (3) 3 (2) DSP BlackRock Micro Cap 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) IDFC Sterling Equity 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) L&T Midcap 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 1 (2) 1 (1) 2 (2) Mirae Asset Emerging Bluechip 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) Aditya Birla Sun Life Midcap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (2) BNP Paribas Mid Cap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (1) Canara Robeco Emerging Equities 3 (2) 3 (2) 3 (2) 2 (2) 4 (4) 4 (4) 2 (3) 3 (2) 2 (2) DSP BlackRock Small and Midcap 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) Franklin India Prima 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) Franklin India Smaller Companies 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) HDFC Mid-Cap Opportunities 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 2 (2) 5 (5) ICICI Prudential MidCap 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) Kotak Emerging Equity 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (3) 3 (3) Kotak Midcap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) L&T India Value ^ 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (2) 1 (3) Sundaram S M I L E 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 4 (4) 3 (3) Sundaram Select Midcap 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 4 (4) Tata Mid Cap Growth 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) Aditya Birla Sun Life MNC 4 (5) 4 (5) 4 (5) 4 (5) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) Reliance Mid & Small Cap 4 (4) 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) SBI Emerging Businesses 4 (4) 4 (4) 3 (4) 4 (4) 1 (1) 1 (1) 5 (5) 5 (5) 4 (4) SBI Magnum Global 4 (5) 3 (5) 4 (5) 4 (5) 1 (1) 1 (1) 3 (3) 4 (4) 4 (4) SBI Magnum Midcap 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 4 (3) 4 (3) 3 (3) UTI Mid Cap 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (2) 3 (3) 3 (3) Axis Midcap 5 (4) 5 (4) 5 (5) 5 (5) 2 (3) 2 (3) 4 (4) 4 (4) 2 (1) IDFC Premier Equity 5 (4) 5 (4) 5 (4) 5 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) Motilal Oswal MOSt Focused Midcap 30 5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (2) Figures in bracket indicate the previous quarter rank. P1 signifies period from Jan 15 to Sep 15, P2- Oct 15 to Jun 16, P3 -Jul 16 to Mar 17 and P4 - Mar 17 to Nov 17. Dec 17 portfolios were not available at the time of scheme categorization; hence P4 starts with a lag of one month and includes Mar 17. categorization in each period: Large Cap, Diversified, and Small & Mid Cap ^ s have met second level test, hence categorised as Small and Mid-cap Equity funds. 12

15 Thematic infrastructure funds (Cluster ranks are arranged alphabetically) Thematic - Infrastructure funds Dec 17 Dec 17 Mean Mean Volatility Volatility Industry Company Rank Rank Return Return (Reg) (Dir) Concentration Concentration (Reg) (Dir) (Reg) (Dir) Liquidity Weightages 55% 25% 10% 5% 5% DSP BlackRock Natural Resources and New Energy 1 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 5 (5) 5 (5) 1 (1) L&T Infrastructure 1 (1) 1 (2) 1 (1) 2 (1) 3 (3) 3 (3) 3 (3) 1 (2) 3 (3) IDFC Infrastructure 2 (2) 1 (2) 2 (2) 1 (2) 3 (3) 3 (3) 2 (1) 2 (1) 2 (2) JM Basic 2 (2) 2 (1) 3 (2) 3 (2) 4 (4) 4 (4) 2 (3) 4 (4) 1 (1) Sundaram Infrastructure Advantage 2 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 2 (2) 4 (4) Aditya Birla Sun Life Infrastructure 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) DSP BlackRock India T.I.G.E.R. 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) Franklin Build India 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (4) 3 (3) Kotak Infrastructure and Economic Reform 3 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (4) 3 (3) 2 (2) Reliance Diversified Power Sector 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 5 (5) 3 (3) 5 (5) SBI Infrastructure 3 (5) 3 (5) 3 (4) 3 (4) 2 (2) 2 (2) 4 (3) 4 (4) 4 (4) Tata Infrastructure 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (3) 3 (3) 3 (3) Canara Robeco Infrastructure 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 4 (4) 5 (5) 2 (2) HSBC Infrastructure Equity 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 4 (3) 3 (3) ICICI Prudential Infrastructure 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4) HDFC Infrastructure 5 (5) 5 (5) 4 (5) 4 (5) 5 (5) 5 (5) 4 (4) 3 (3) 5 (5) UTI Infrastructure 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) Figures in bracket indicate the previous quarter rank. 13

16 Equity linked savings schemes (ELSS) (Cluster ranks are arranged alphabetically) Equity Linked Savings Scheme (ELSS) Dec 17 Dec 17 Mean Mean Volatility Volatility Industry Company Rank Rank Return Return (Reg) (Dir) Concentration Concentration (Reg) (Dir) (Reg) (Dir) Liquidity Weightages 55% 25% 10% 5% 5% IDFC Tax Advantage 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (2) 1 (2) 3 (3) Principal Tax Saving 1 (2) 1 (2) 1 (2) 1 (2) 5 (5) 5 (5) 2 (3) 2 (2) 1 (2) Aditya Birla Sun Life Tax Plan 2 (2) 2 (2) 3 (3) 2 (3) 2 (2) 2 (2) 3 (3) 4 (4) 4 (4) Aditya Birla Sun Life Tax Relief 96 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (3) 5 (5) L&T Tax Advantage 2 (2) 2 (2) 2 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4) Tata India Tax Savings 2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 2 (2) 2 (1) 2 (3) BNP Paribas Long Term Equity 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (3) 2 (2) DSP BlackRock Tax Saver 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 2 (2) 3 (3) HDFC Long Term Advantage 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) HDFC Tax Saver 3 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 3 (4) 4 (3) Invesco India Tax Plan 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 5 (5) 2 (1) Kotak Tax Saver Scheme 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) Principal Personal Tax Saver 3 (3) 3 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) Reliance Tax Saver 3 (3) 3 (3) 2 (3) 2 (3) 5 (5) 5 (5) 3 (3) 3 (3) 5 (5) Sundaram Diversified Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (2) 1 (1) 3 (3) UTI Long Term Equity (Tax Saving) 3 (4) 3 (5) 4 (4) 3 (4) 3 (3) 3 (3) 3 (1) 3 (3) 2 (2) Axis Long Term Equity 4 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 4 (5) 4 (4) Franklin India Taxshield 4 (3) 4 (3) 5 (4) 5 (4) 1 (1) 1 (1) 4 (4) 3 (3) 3 (3) IDBI Equity Advantage 4 (4) 4 (3) 4 (3) 4 (3) 1 (2) 1 (2) 5 (5) 5 (4) 3 (3) SBI Magnum Tax Gain Scheme (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (4) 3 (3) 3 (3) Canara Robeco Equity Tax Saver 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) ICICI Prudential Long Term Equity (Tax Saving) 5 (5) 5 (4) 5 (5) 5 (5) 2 (1) 2 (1) 2 (1) 3 (3) 4 (4) Figures in bracket indicate the previous quarter rank. 14

17 Index funds (Cluster ranks are arranged alphabetically) Index funds Dec 17 Rank (Reg) Dec 17 Rank (Dir) Tracking Error Weightages 100% Kotak Nifty ETF 1(1) 1(1) 0.05% ICICI Prudential Nifty iwin ETF 2(2) 2(2) 0.13% Reliance ETF Nifty BeES 2(2) 2(2) 0.06% UTI Nifty Index 2(2) 2(2) 0.19% Franklin India Index - NSE Nifty Plan 3(3) 3(3) 0.24% HDFC Index - Nifty Plan 3(3) 3(3) 0.22% HDFC Index - Sensex Plan 3(3) 3(3) 0.24% ICICI Prudential Nifty Index 3(3) 4(4) 0.27% IDBI Nifty Index 3(3) 3(3) 0.22% SBI Nifty Index 3(3) 3(3) 0.19% Aditya Birla Sun Life Index 4(4) 5(5) 0.54% Aditya Birla Sun Life Nifty ETF 4(4) 4(4) 0.51% Reliance Index - Nifty Plan 4(4) 3(3) 0.33% SBI-ETF SENSEX 5(5) 4(4) 0.55% ETFs, which only have a single option, have been ranked in both regular & direct categories. Figures in bracket indicate the previous quarter rank. Balanced funds (Cluster ranks are arranged alphabetically) Dec 17 Superior Dec 17 Rank Balanced funds Rank Return (Reg) (Dir) Score (Reg) Superior Return Score (Dir) Industry Concentration / Exposure to Sensitive Sector* Company Concentration Debt Asset Quality Debt Equity Liquidity Liquidity Weightages 75% 10% 5% 5%*(100 K) 5%*(100 K) 10%*K HDFC Balanced 1 (2) 2 (2) 1 (2) 2 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (4) DSP BlackRock Balanced 2 (3) 2 (3) 2 (3) 2 (3) 3 (4) 3 (3) 3 (3) 4 (4) 3 (3) ICICI Prudential Balanced 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 3 (3) 2 (3) 2 (3) 3 (3) Reliance Regular Savings Balanced 2 (1) 1 (1) 2 (1) 1 (1) 4 (3) 5 (4) 4 (4) 4 (3) 3 (3) Aditya Birla Sun Life Balanced 95 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 2 (2) 3 (3) 3 (2) 3 (3) Canara Robeco Balance 3 (3) 4 (3) 3 (3) 4 (3) 2 (3) 2 (2) 1 (2) 1 (1) 2 (2) HDFC Prudence 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 4 (4) 3 (5) 3 (3) 4 (4) L&T India Prudence 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 2 (3) 2 (2) 2 (3) 4 (4) SBI Magnum Balanced 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 3 (4) 5 (5) UTI Balanced 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 3 (2) 3 (3) 3 (4) 3 (3) HYBRID FUNDS Franklin India Balanced 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 3 (3) 4 (4) 5 (5) 2 (2) JM Balanced 4 (5) 5 (5) 4 (5) 5 (5) 4 (3) 4 (5) 5 (2) 4 (2) 1 (1) Kotak Balance 4 (4) 3 (4) 4 (4) 3 (4) 2 (2) 1 (1) 4 (4) 3 (3) 3 (2) Tata Balanced 5 (4) 4 (4) 5 (4) 4 (4) 3 (3) 4 (3) 2 (1) 2 (2) 2 (3) Figures in bracket indicate the previous quarter rank. K = Equity Component in Hybrid s * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio 15

18 Monthly income plan aggressive (Cluster ranks are arranged alphabetically) Industry Superior Superior Dec 17 Dec 17 Concentration Return Return Monthly Income Plan - Aggressive Rank Rank / Exposure to Score Score (Reg) (Dir) Sensitive (Reg) (Dir) Sector* Company Concentration Debt Debt Equity Asset Liquidity Liquidity Quality Weightages 60% 5% 5% 17.5% 7.5%*(100- K) 7.5%*K 5% Aditya Birla Sun Life MIP II - Wealth 25 Plan 1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 5 (4) 2 (2) 3 (3) 4 (3) 3 (5) BOI AXA Regular Return Modified Duration ICICI Prudential MIP 25 2 (1) 2 (1) 2 (1) 1 (1) 5 (5) 3 (4) 5 (5) 3 (3) 4 (3) 4 (4) Kotak Monthly Income Plan 2 (2) 3 (2) 3 (2) 3 (2) 1 (1) 3 (2) 3 (3) 2 (3) 3 (3) 3 (3) Sundaram Monthly Income Plan 2 (3) 2 (3) 2 (3) 2 (3) 3 (2) 4 (5) 4 (4) 3 (3) 4 (4) 2 (1) DSP BlackRock MIP 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 2 (3) 3 (3) 5 (5) 3 (3) 2 (2) HDFC Monthly Income Plan - LTP 3 (2) 3 (3) 2 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 5 (4) 5 (4) HDFC Monthly Income Plan - STP 3 (4) 3 (4) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 2 (2) 3 (2) 3 (3) IDFC Monthly Income Plan 3 (3) 4 (3) 4 (3) 4 (3) 2 (2) 4 (2) 2 (1) 1 (1) 3 (4) 3 (3) UTI MIS Advantage Plan 3 (2) 3 (2) 3 (2) 3 (2) 2 (3) 1 (3) 3 (3) 4 (4) 3 (2) 3 (3) BNP Paribas Monthly Income Plan 4 (4) 2 (2) 3 (4) 2 (2) 5 (5) 5 (5) 3 (4) 4 (5) 1 (5) 1 (1) Franklin India Monthly Income Plan 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (3) 5 (4) 2 (1) 2 (2) Reliance Monthly Income Plan 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 5 (5) 4 (4) 5 (5) 4 (4) Canara Robeco Monthly Income Plan 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 2 (2) 1 (2) 2 (1) 1 (2) 4 (3) HSBC Monthly Income Plan 5 (3) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 1 (1) 1 (2) 2 (3) 5 (5) Figures in bracket indicate the previous quarter rank. K = Equity Component in Hybrid s * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio 16

19 Long-term gilt funds (Cluster ranks are arranged alphabetically) Long Term Gilt funds Dec 17 Rank Dec 17 Rank Superior Return Superior Return Modified (Reg) (Dir) Score (Reg) Score (Dir) Duration Liquidity Weightages 75% 10% 15% Reliance Gilt Securities 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (4) SBI Magnum Gilt - Long Term 1 (2) 2 (2) 1 (2) 1 (1) 2 (2) 3 (4) Aditya Birla Sun Life Gilt Plus - PF Plan 2 (2) 1 (2) 2 (2) 2 (2) 3 (3) 1 (3) Canara Robeco Gilt PGS ICICI Prudential Gilt - Investment - PF Option 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 4 (3) UTI Gilt Advantage - Long Term Plan 2 (1) 2 (1) 2 (1) 2 (2) 3 (3) 3 (3) DHFL Pramerica Gilt 3 (4) 3 (4) 3 (3) 3 (4) 1 (1) 5 (5) Edelweiss Government Securities 3 (3) 3 (4) 3 (4) 3 (4) 1 (1) 3 (3) HDFC Gilt - Long Term Plan 3 (3) 4 (4) 3 (3) 4 (3) 4 (3) 5 (5) ICICI Prudential Long Term Gilt 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (3) IDFC G Sec - PF Plan 3 (2) 3 (2) 3 (2) 3 (2) 4 (4) 3 (3) Tata Gilt Mid Term 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 4 (4) Tata Gilt Securities 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 2 (3) DSP BlackRock Govt Sec 4 (3) 5 (3) 4 (3) 5 (4) 3 (3) 2 (2) IDFC G Sec - Investment Plan 4 (3) 4 (3) 4 (3) 4 (3) 3 (4) 3 (3) Kotak Gilt - Investment 4 (4) 4 (3) 4 (4) 4 (3) 4 (3) 4 (4) L&T Gilt 4 (4) 3 (3) 4 (4) 3 (3) 2 (2) 2 (1) Franklin India G-Sec - Long Term Plan 5 (3) 4 (3) 5 (3) 4 (3) 5 (2) 1 (1) LIC MF G-Sec 5 (5) 5 (5) 5 (5) 5 (5) 2 (3) 3 (2) Figures in bracket indicate the previous quarter rank. DEBT FUNDS 17

20 Income funds (Cluster ranks are arranged alphabetically) Income funds Superior Exposure Dec 17 Dec 17 Superior Return Modified to Company Asset Rank Rank Return Liquidity Score Duration Sensitive Concentration Quality (Reg) (Dir) Score (Dir) (Reg) Sector Weightages 60% 5% 5% 5% 7.5% 17.5% Aditya Birla Sun Life Treasury Optimizer Plan 1 (3) 2 (3) 2 (3) 2 (3) 1 (2) 3 (3) 3 (1) 4 (4) 3 (3) ICICI Prudential Long Term Plan 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 4 (4) 5 (3) 3 (3) 3 (3) Kotak Flexi Debt 1 (3) 1 (3) 1 (2) 1 (3) 2 (3) 3 (3) 3 (3) 4 (4) 4 (3) DHFL Pramerica Medium Term Income 2 (3) 2 (3) 2 (3) 2 (3) 1 (2) 4 (4) 3 (1) 5 (4) 4 (4) ICICI Prudential Dynamic Bond 2 (2) 1 (2) 1 (1) 1 (2) 3 (3) 5 (5) 3 (3) 4 (4) 3 (3) SBI Dynamic Bond 2 (1) 2 (2) 3 (2) 3 (2) 3 (3) 1 (1) 5 (4) 1 (2) 2 (2) SBI Magnum Income 2 (3) 2 (3) 2 (2) 2 (2) 2 (2) 5 (5) 3 (4) 5 (4) 5 (4) Sundaram Flexible - Flexible Income Plan 2 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 3 (4) 3 (3) 3 (3) UTI-Dynamic Bond 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (1) 4 (3) 3 (3) 3 (4) Aditya Birla Sun Life Income Plus 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 3 (4) 2 (2) 2 (2) Axis Dynamic Bond 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 4 (3) 4 (3) BNP Paribas Flexi Debt 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (3) 4 (5) 3 (3) 3 (3) Canara Robeco Dynamic Bond 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 5 (5) 1 (1) 1 (2) Canara Robeco Medium Term Opportunities 3 (4) 3 (4) 3 (4) 3 (4) 1 (1) 1 (1) 3 (3) 3 (4) 4 (4) DSP BlackRock Bond 3 (4) 3 (4) 2 (3) 2 (4) 2 (2) 4 (4) 1 (1) 5 (5) 5 (5) HDFC High Interest - Dynamic Plan 3 (3) 4 (3) 3 (4) 3 (3) 4 (3) 1 (1) 1 (1) 3 (3) 4 (4) ICICI Prudential Income Opportunities 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4) 1 (1) 4 (3) 3 (3) ICICI Prudential Income Plan 3 (2) 2 (2) 2 (2) 2 (2) 4 (5) 5 (5) 3 (3) 3 (3) 3 (3) IDFC Dynamic Bond 3 (2) 3 (2) 3 (2) 4 (2) 4 (4) 1 (1) 1 (1) 2 (2) 1 (1) IDFC Super Saver Income - Investment Plan 3 (2) 3 (2) 4 (3) 4 (2) 4 (4) 1 (1) 1 (1) 1 (1) 1 (1) Reliance Dynamic Bond 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (2) Tata Dynamic Bond 3 (3) 3 (2) 3 (3) 3 (3) 3 (4) 1 (1) 4 (4) 2 (1) 2 (1) UTI Bond 3 (2) 3 (1) 3 (2) 3 (1) 3 (3) 3 (1) 4 (3) 3 (3) 3 (3) Aditya Birla Sun Life Dynamic Bond 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 3 (3) 1 (1) 4 (4) 4 (4) HDFC Income 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 3 (1) 2 (2) 3 (3) Kotak Bond 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 3 (1) 1 (4) 3 (3) 5 (4) L&T Triple Ace Bond 4 (5) 4 (4) 4 (5) 4 (4) 2 (2) 1 (1) 3 (3) 3 (3) 3 (3) LIC MF Bond 4 (4) 4 (5) 4 (4) 4 (5) 3 (3) 1 (1) 3 (3) 3 (3) 2 (2) Reliance Income 4 (3) 3 (3) 4 (3) 3 (3) 3 (4) 1 (1) 3 (3) 2 (2) 2 (2) DSP BlackRock Strategic Bond 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3) HSBC Flexi Debt 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 1 (1) 2 (3) 2 (2) 2 (2) Union Dynamic Bond 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 1 (1) 3 (4) 3 (2) 3 (3) Figures in bracket indicate the previous quarter rank. 18

21 Short-term income funds (Cluster ranks are arranged alphabetically) Dec 17 Dec 17 Short Term Income s Rank Rank (Reg) (Dir) Mean Return (Reg) Exposure Mean Volatility Volatility to Return (Reg) (Dir) Sensitive (Dir) Sector Company Asset Modified Liquidity Concentration Quality Duration Weightages 50% 10% 5% 5% 10% 5% 15% Aditya Birla Sun Life Floating Rate - Long Term 1 (2) 1 (2) 1 (3) 1 (3) 1 (1) 1 (1) 4 (4) 4 (5) 4 (4) 1 (1) 3 (3) HDFC Short Term Opportunities 1 (2) 1 (2) 1 (3) 2 (3) 1 (1) 1 (1) 4 (3) 3 (3) 3 (4) 1 (1) 3 (3) Kotak Corporate Bond 1 (1) 1 (1) 1 (2) 1 (3) 1 (1) 1 (1) 3 (4) 5 (2) 3 (3) 1 (1) 4 (4) UTI-Banking & PSU Debt 1 (2) 2 (3) 1 (2) 2 (4) 3 (3) 3 (3) 1 (1) 3 (4) 4 (3) 2 (2) 2 (2) Aditya Birla Sun Life Short Term 2 (3) 2 (3) 2 (1) 2 (2) 3 (3) 3 (3) 1 (1) 3 (4) 3 (3) 3 (3) 3 (3) HDFC Medium Term Opportunities 2 (1) 2 (2) 2 (1) 3 (2) 4 (4) 4 (4) 1 (1) 1 (3) 2 (2) 4 (3) 1 (2) ICICI Prudential Ultra Short Term Plan 2 (3) 3 (4) 2 (3) 3 (3) 3 (3) 3 (3) 3 (4) 5 (3) 2 (3) 3 (3) 3 (4) IDFC Corporate Bond 2 (2) 2 (2) 3 (2) 3 (2) 3 (4) 3 (4) 1 (1) 3 (3) 3 (3) 3 (3) 2 (2) IDFC Super Saver Income - Short Term 2 (2) 2 (2) 3 (3) 3 (4) 2 (2) 2 (2) 1 (1) 5 (5) 2 (2) 2 (2) 1 (1) L&T Short Term Opportunities 2 (2) 1 (1) 3 (4) 3 (4) 2 (2) 2 (2) 1 (1) 3 (3) 3 (2) 2 (2) 2 (1) Reliance Banking & PSU Debt 2 (2) 3 (2) 3 (2) 4 (3) 5 (5) 5 (5) 1 (1) 3 (1) 1 (1) 5 (4) 2 (2) Axis Short Term 3 (4) 3 (3) 3 (3) 2 (2) 2 (3) 2 (3) 4 (3) 5 (4) 3 (3) 2 (2) 3 (3) DHFL Pramerica Short Maturity 3 (3) 3 (3) 2 (1) 1 (1) 3 (2) 3 (2) 4 (5) 1 (1) 4 (4) 3 (3) 5 (5) DSP BlackRock Banking & PSU Debt 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 1 (1) 1 (5) 2 (2) 4 (5) 2 (2) DSP BlackRock Short Term 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (3) 1 (1) 1 (2) 4 (4) 4 (3) 3 (3) HDFC Floating Rate Income - Long Term Plan 3 (3) 3 (4) 3 (4) 5 (5) 3 (4) 3 (4) 1 (1) 3 (4) 1 (1) 2 (4) 3 (3) IDFC Super Saver Income - Medium Term 3 (1) 3 (1) 5 (4) 5 (4) 4 (3) 4 (3) 1 (1) 4 (4) 1 (1) 5 (5) 1 (1) Kotak Banking and PSU Debt 3 (3) 4 (3) 2 (2) 3 (2) 4 (4) 4 (4) 3 (3) 4 (3) 4 (4) 3 (3) 2 (2) Reliance Floating Rate 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 2 (3) 3 (3) 3 (3) Reliance Short Term 3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 1 (3) 1 (1) 3 (3) 4 (3) 3 (3) SBI Short Term Debt 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (4) 2 (2) 3 (3) 4 (4) Sundaram Select Debt ST Asset Plan 3 (4) 2 (3) 3 (4) 2 (3) 1 (2) 1 (2) 5 (5) 4 (3) 2 (2) 1 (2) 4 (4) Tata Short Term Bond 3 (3) 2 (2) 4 (4) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 1 (1) 3 (3) 4 (3) UTI Short Term Income 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 4 (1) 2 (1) 3 (3) 2 (2) 3 (3) DHFL Pramerica Banking & PSU Debt 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 3 (4) 3 (3) HDFC Banking & PSU Debt 4 (5) 5 (5) 2 (3) 2 (3) 5 (5) 5 (5) 5 (4) 4 (3) 5 (5) 5 (5) 4 (4) HSBC Income - Short Term Plan 4 (5) 5 (5) 4 (5) 4 (3) 2 (3) 2 (3) 1 (4) 3 (3) 4 (4) 3 (3) 4 (4) ICICI Prudential Short Term Plan 4 (3) 4 (3) 4 (2) 3 (1) 4 (5) 4 (5) 4 (4) 4 (2) 3 (2) 3 (4) 4 (4) IDFC Money Manager - Investment Plan 4 (1) 4 (1) 5 (3) 5 (4) 4 (2) 3 (2) 1 (1) 4 (3) 3 (3) 5 (5) 1 (1) Invesco India Short Term 4 (4) 4 (4) 5 (5) 4 (5) 3 (3) 3 (3) 3 (3) 3 (1) 3 (3) 3 (4) 3 (3) Kotak Bond Short Term Plan 4 (4) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3) 1 (3) 2 (4) 3 (3) 2 (2) 3 (3) Aditya Birla Sun Life Short Term Opportunities Axis Fixed Income Opportunities 5 (4) 4 (4) 2 (1) 1 (1) 3 (3) 3 (3) 5 (5) 1 (1) 5 (5) 3 (3) 5 (5) DHFL Pramerica Premier Bond 5 (4) 4 (4) 5 (5) 5 (5) 3 (4) 4 (4) 1 (1) 3 (3) 3 (3) 4 (4) 2 (2) HDFC High Interest - Short Term Plan 5 (5) 5 (5) 3 (5) 3 (5) 5 (5) 5 (5) 1 (1) 3 (3) 5 (5) 4 (4) 5 (5) Figures in bracket indicate the previous quarter rank. 19