CRISIL Mutual Fund Ranking

For the quarter ended March 31, 2017

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Yatendra Chauhan Vishal Ahuja
Associate Director – Funds & Fixed Income Research Director – Funds & Fixed Income Research
yatendra.chauhan@crisil.com vishal.ahuja@crisil.com

Kiran Nate Deepak Mittal
Manager – Funds & Fixed Income Research Associate Director – Funds & Fixed Income Research
kiran.nate@crisil.com deepak.mittal@crisil.com

Zunjar Sanzgiri Dinesh Agarwal
Research Analyst – Funds & Fixed Income Research Associate Director – Funds & Fixed Income Research
zunjar.sanzgiri@crisil.com dinesh.agarwal@crisil.com

Industry highlights
The Indian mutual fund industry’s quarterly average assets Investors continued to distance themselves from gold ETFs
under management (AUM) posted record high fiscal growth, for the fourth consecutive fiscal. The category’s average AUM
both in percentage and absolute terms, since the Association fell 10.92%, or by Rs 6.92 billion, in the fiscal to Rs 56.43
of Mutual Funds in India (AMFI) started declaring quarterly billion owing to outflows of Rs 7.75 billion and MTM losses.
AUM in September 2010. The industry grew 35.18%, or by Rs However, on a quarterly basis, the category grew 8.91%
4.76 trillion, to a new high of Rs 18.30 trillion (excluding fund owing to rise in prices of the underlying asset. Gold prices
of funds) in the fiscal ended March 2017 (FY17). Equity and rose 2% in the quarter, but fell 1.9% in the year ended March
short-term debt funds continued to drive industry growth. 2017.
Average AUM grew 8.05%, or by Rs 1.36 trillion, on-quarter.
Average AUM of direct plans rose to a new high of Rs 7.33
Equity funds continued to be investors’ preferred category as trillion, up 48.11% or by Rs 2.38 trillion (highest absolute
reflected in the inflows trend. The category saw progressive fiscal rise). The share of direct plans in overall AUM rose to
increase in inflows: Rs 1.31 trillion in FY17, Rs 1.02 trillion in 40.1% in March 2017 from 36.6% a year ago and 39.5% a
FY16 and Rs 831 billion in FY15. Strong inflows coupled with quarter ago.
mark-to-market (MTM) gains prompted assets to cross the
Rs 6 trillion mark. In FY17, the category’s assets grew a Chart 1 – Mutual fund net flows and AUM trend
robust 43.17%, or by Rs 1.90 trillion, to a new high of Rs 6.30 19.0 2.0
trillion. On a quarterly basis, it grew 12.00%, or by Rs 675.14 18.0
(Qtrly Avg AUM ₹ trillion)

billion. The equity market - represented by Nifty 50 - gained

(Net flows ₹ trillion)
17.0
12.07% and 18.55% in the quarter and fiscal ended March 16.0
1.0

2017, respectively. 15.0

14.0
Assets of short-term debt funds grew 3.85 times in the past 0.0
13.0
three years to a new high of Rs 2.72 trillion in March 2017. In
12.0
the latest fiscal, the category’s asset increased 81.29%, or by
Rs 1.22 trillion, highlighting growing investors’ preference for 11.0 -1.0
Dec-15

Dec-16
Sep-15

Sep-16
Jun-15

Jun-16
Mar-15

Mar-16

Mar-17
short-maturity debt as it is less sensitive to interest rate
changes. Other categories in the short maturity debt funds --
Net flows (Rs trillion) (RHS) Industry AUM (Rs trillion)
ultra short-term funds’ assets rose to a new high of Rs 1.98
Source – AMFI
trillion, up Rs 653.42 billion or 49.31% in the fiscal, while
liquid funds touched a new high of Rs 3.98 trillion, up Rs
Table 1 – Category-wise average AUM (₹ billion)
754.32 billion or 23.40%. On a quarterly basis, short-term
Jan-Mar Oct-Dec Absolute %
debt, ultra short-term and liquid funds grew 9.29%, 0.32% Mutual fund category
2017 2016 Change (bn) change
and 14.75%, respectively. Equity* 6302.27 5627.13 675.14 12.00
Liquid/money market 3977.39 3466.22 511.17 14.75
Long-maturity debt funds’ assets posted muted growth in Debt** 6544.58 6380.06 164.52 2.58
FY17 amid growing expectations that the Reserve Bank of Fixed maturity plans (FMPs) 1366.31 1368.32 -2.01 -0.15
Infrastructure debt fund 14.32 13.94 0.38 2.73
India’s (RBI’s) interest rate easing cycle has come to an end.
Gold ETFs 56.43 51.81 4.62 8.92
In the February 2017 policy meeting, the RBI changed its
Others 34.52 25.92 8.60 33.18
policy stance to neutral from accommodative. While income Total 18295.83 16933.39 1362.44 8.05
funds’ average AUM grew 11.95% (lower growth vis-à-vis Source - CRISIL Mutual Fund Database
short maturity debt) to Rs 1.09 trillion, gilt funds’ assets * Includes equity-oriented funds, balanced funds and ETFs
** Includes long-term, gilt, short-term, ultra short-term and other debt-
shrank 8.49% to Rs 158.41 billion. In the final quarter of FY17,
oriented funds
income funds’ assets rose just 1.45% and gilt funds’ assets
fell 10.15% owing to a jump in bond yields; yield on the 10-
year benchmark bond rose 6.69% in March-end 2017 from
6.51% a quarter ago.

1

44 billion. from 55. or by Rs 671 billion.14%.43 trillion.11 trillion. up by Rs 525 billion or ● Sebi halted approvals to new exchange-traded funds 33. underlying.93% to Rs 2. third position with Rs 2.37 trillion. ● Securities and Exchange Board of India (Sebi) directed ● BSE launched the ‘BSE StAR MF’ mobile application. a year ago. mutual funds to disclose the performance of their ● IDFC increased its stake to 100% in IDFC AMC and IDFC schemes since inception and during the preceding one-. Its assets grew 15%. It also said that mutual funds investing in these instruments will have to give 15 days to unitholders to exercise the exit option. Reliance Mutual Fund maintained mutual funds. HDFC ● Sebi asked credit rating agencies (CRAs) to give a 30-day Mutual Fund came second with a rise of Rs 614 billion or notice before withdrawal of ratings in case of open-end 34. 2. 2 . the quarter and six posted a fall in the year.81% segment provided there is an exit option. respectively.53%.and five-year periods while advertising.66% and 79. ● Sebi notified rules allowing foreign fund managers to act which have declared average AUM. other than those with Nifty and Sensex as the Mutual Fund rose the highest in absolute terms. ● Sebi notified norms allowing mutual funds to invest in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs). It is considering a fresh set of guidelines for ETFs with sectoral indices as the underlying. The industry ● Sebi said existing mutual funds will not require approval continued to be highly concentrated. Major regulations and developments in the ● AMFI launched a media and communication campaign as quarter a part of the investor awareness outreach program. Assets of ICICI Prudential Mutual Fund and HDFC (ETFs). ● Sebi allowed mutual funds to increase exposure limits ICICI Prudential Mutual Fund continued to be the industry provided for housing finance companies from 10% to leader in terms of assets managed in FY17.Of the 42 fund houses (including infrastructure debt funds). 38.01% and 80. on-year to Rs 2. AMC Trustee Co by acquiring 25% stake held by Natixis three. four witnessed a fall in as portfolio managers under a relaxed regulatory regime.13%. with the share of the of a majority unit holders to invest in the derivatives top five and top 10 fund houses rising to 57. It also Global Asset Management in these two companies for Rs allowed celebrities to endorse mutual funds products.

3 . reports that US President Donald Trump plans to announce corporate tax FII Daily Net Equity Investments cuts and expectations of a slower pace of monetary MF Daily Net Equity Investments tightening by the US Federal Reserve (Fed) through the year Nifty 50 Source . On the global front.Equity market overview MARKET OVERVIEW Table 2 – Movement of key equity market indices However. d) strong buying interest by foreign institutional (Nifty 50) 8900 investors (they bought equities worth Rs 448 billion in the 30 8700 March quarter against selling of Rs 312 billion in the previous 0 8500 quarter).55 Nifty 100 12.17 21.30 its stance from accommodative to neutral. Nifty Realty and S&P BSE Realty were the biggest Nifty Commodities 14.74 61.43 19. e) the Union Budget’s focus on fiscal prudence and 8300 -30 status quo on long-term capital gains tax on equities. respectively.00 37. 2017 and said it would shift Nifty Realty 30. and f) 8100 -60 stock-specific buying amid corporate earnings 13-Mar-17 19-Mar-17 25-Mar-17 31-Mar-17 6-Jan-17 11-Feb-17 17-Feb-17 23-Feb-17 31-Dec-16 12-Jan-17 18-Jan-17 24-Jan-17 30-Jan-17 5-Feb-17 1-Mar-17 7-Mar-17 announcements. Nifty FMCG and S&P BSE Consumer-durables quarter.12 optimism over lower lending rates and housing schemes Nifty Energy Index 13.92 -5. Investors were (% change) (% change) also disappointed after the RBI kept its policy rates on hold in Nifty 50 12. boosted by strong domestic cues. Nifty Metal and S&P BSE Metal were up about gained around 11% and 12%. Nifty Bank and S&P Nifty Pharma 1. c) appreciation of the rupee against the Investments ₹.NSE and on hopes that the RBI and the government would soon Sectoral indices sorted on three-month returns announce measures to tackle bad loans in the banking system.83 34.SEBI. bringing India closer to a unified tax regime from July 1.27 Nifty Auto 8.99 to further rate cuts.16 announced by Prime Minister Narendra Modi and higher Nifty IT Index 2.07 18.40 -5. 1) passage of the Finance Bill and four crucial bills related to GST.41 38. signalling an end Nifty Free Float Smallcap 100 20.02 41.85 Nifty Metal 16. respectively. in the March 17% each. respectively. NSE supported the market.85 a surge in consumer and retail inflation. The triggers were: gained about 13% and 36%.26 BSE BANKEX rose nearly 18% each owing to short covering Source . billion) 9100 60 dollar.84 sectoral gainers – up 30% and 27%. further gains were restrained on worries over Quarter ended Year ended stricter H-1B visa rules in the US and the impact of President Index Mar-17 Mar-17 Trump's immigration ban on some countries. Nifty Bank 17.83 42.87 its policy review on February 8.90 All the NSE and BSE sectoral indices ended higher in the Nifty Infrastructure 14. amid Nifty FMCG 13.08 22.94 20. Chart 2 – Mutual fund daily investments & Nifty movement 2017.53 quarter. 2) landslide victory of the ruling party in Uttar Pradesh 9300 90 (FII/ MF Daily Net Equity assembly elections.36 allocation of funds to these schemes. Strong buying interest was also seen in metal and Indian equity benchmarks S&P BSE Sensex and Nifty 50 FMCG firms. The market was also hit intermittently by Nifty Free Float Midcap 100 19.97 32.

frontloading 64% of its benchmark – the 6. 2026 paper – rising to 6. the ruling party’s win liquidity in the system. Profit booking ● The RBI allowed multilateral and regional financial towards the end of the financial year pulled down gilts institutions to invest in ‘masala’ bonds. policy target rate.69% on gross market borrowing for the year. weighed commercial papers. The Centre will borrow Rs 3. on prices as well.50% 7. came in higher than expected. Strength in the rupee against the US 6. government's borrowing calendar for April-September. Uncertainty surrounding the RBI’s ‘standing liquidity ● It also issued revised guidelines for issuance of facility’. government decided to trim its market borrowing for the last ● It notified new norms allowing FPIs to invest in unlisted part of fiscal 2017. further. The facility will give the RBI the discretion ● It released draft guidelines on interest rate risk on to set the interest rate on the facility without reference to the banking book (IRRBB).50% 6.20% 8.00% 6. wherein the government was scheduled to borrow Rs 840 billion over January-February via weekly gilt sales.80% 7. further decline in gilts was prevented after the for servicing AT1 bonds if free reserves are insufficient.72 trillion in the first half of the new Gilts prices retreated in the quarter. Meanwhile. 2017 from 6.CRISIL Fixed Income Database were dented after the central bank’s interest rate setting Key developments in the quarter: committee decided to maintain status quo and as it shifted ● Finance Minister Arun Jaitley said the government will from an accommodative stance to a neutral one. Further. Gilts Tax Act to allow political parties to raise funds through dipped further as the domestic CPI and WPI inflation figures electoral bonds. regularly held reverse repo auctions and intermittently bonds were largely unaffected by the release of the conducted cash management bills auctions. the Centre 4 .00% 7. March 31. Hawkish comments from US Fed Chair Janet Yellen also hit sentiments.50% 7. Call rates were supported by periodic in the state assembly elections propped up gilts as the repo auctions conducted by the RBI and inflows from victory is seen increasing the odds of reforms being passed reversals of reverse repo auctions held earlier by the banking at the Centre. Bonds also gained as the US Fed did not raise regulator.00% 30-Nov-16 30-Apr-16 30-Apr-16 31-Jan-17 31-Jul-16 31-Aug-16 31-Oct-16 31-Dec-16 31-Jul-16 30-Nov-16 31-Jan-17 30-Jun-16 30-Sep-16 28-Feb-17 31-Aug-16 31-Oct-16 31-Dec-16 31-May-16 30-Jun-16 30-Sep-16 31-Mar-16 31-May-16 28-Feb-17 31-Mar-17 31-Mar-16 31-Mar-17 Source – FIMMDA Source .50% 8.40% 6. which is intended to drain excess liquidity.97%.60% 9. the RBI its projection of interest rate increases in 2017. dashing amend several laws including the RBI Act and the Income hopes of an interest rate cut in the coming months.Debt market overview Interbank call money rates remained below the repo rate of borrowed Rs 660 billion. Prices Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield 9.25% for most of the quarter owing to the comfortable dollar also aided bond prices. As opposed to the earlier calendar. To prevent call rates from dipping too low.00% 6.51% on December 30. ● The central bank allowed banks to use statutory reserves However. 2016. corporate bonds and securitised debt instruments.00% 6. with yield on the 10-year financial year which began on April 1.

Thematic . Credit Opportunities Funds 12. Large Cap-oriented Equity Funds 2. Long Term Gilt Funds 10. Balanced Funds 8. Ultra-Short term Debt Funds 14. CRISIL Mutual Fund Ranking category definitions Rankings category Interpretation CRISIL Fund Rank 1 Very good performance 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 approach is adopted for CRISIL Fund Rank 2 (11th to 30th percentile). short term income and credit opportunities funds. the same is rounded off to the nearest integer.Aggressive Debt Funds 9. Short Term Income Funds 13. Index Funds Hybrid Funds 7. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster. Diversified Equity Funds 3. Monthly Income Plan . one year for liquid. Liquid Funds Performance period for rankings: Three years for equity funds (including index funds). Small and Mid-cap Equity Funds 4.CRISIL Mutual Fund categories Equity Funds 1. income funds. ultra-short term debt. 5 . Income Funds 11.Infrastructure Funds 5. gilt funds and hybrid funds. CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. Equity Linked Savings Scheme (ELSS) 6.

hence categorized as Large cap Funds. P3 -Oct’15 to Jun’16 and P4 . hence P4 starts with a lag of one month and includes Jun’16.Jun’16^ – Feb’17. 6 .Jan’15 to Sep’15. Direct plans ranking have been introduced this quarter. P2. Diversified . P1 signifies period from Apr’14 to Dec’14.Large Cap oriented Equity funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Mean Mean Volatility Volatility Industry Company Large Cap-oriented Equity funds Fund Categorization Rank Rank Return Return Liquidity Regular Direct Concentration Concentration Regular Direct Regular Direct Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% ICICI Prudential Top 100 Fund 1 (1) 1 1 (1) 1 2 (2) 2 1 (1) 3 (4) 3 (3) Kotak Select Focus Fund^ 1 (1) 1 1 (1) 1 3 (3) 3 3 (3) 2 (2) 5 (5) SBI Blue Chip Fund 1 (1) 1 2 (1) 2 1 (1) 1 1 (1) 1 (1) 5 (5) Birla Sun Life Frontline Equity 2 (2) 2 2 (2) 2 3 (3) 2 3 (3) 1 (1) 4 (5) Fund Birla Sun Life Top 100 Fund 2 (2) 2 2 (2) 2 3 (3) 3 2 (3) 1 (2) 3 (3) DSP BlackRock Focus 25 Fund^ 2 (2) 2 1 (2) 2 4 (4) 4 4 (4) 4 (4) 3 (3) HDFC Growth Fund 2 (2) 3 2 (2) 2 4 (5) 4 2 (2) 3 (3) 4 (4) HSBC Equity Fund 2 (3) 3 3 (3) 3 4 (4) 4 4 (3) 4 (4) 2 (2) ICICI Prudential Focused Bluechip 2 (2) 2 3 (2) 3 2 (3) 3 3 (3) 3 (3) 4 (4) Equity Fund Reliance Top 200 Fund 2 (3) 2 2 (3) 2 4 (4) 4 3 (3) 3 (3) 3 (3) Edelweiss Equity Opportunities 3 (4) 3 3 (4) 4 3 (3) 3 2 (3) 2 (3) 1 (2) Fund Franklin India Bluechip Fund 3 (3) 3 3 (3) 3 1 (1) 1 3 (2) 3 (3) 3 (4) HDFC Top 200 Fund 3 (3) 3 2 (3) 2 5 (5) 5 4 (4) 3 (3) 4 (4) ICICI Prudential Select Large Cap 3 (2) 2 3 () 3 3 () 3 2 () 5 () 2 () Fund IDBI India Top 100 Equity Fund 3 (3) 3 3 (4) 3 2 (2) 2 2 (3) 2 (1) 2 (2) Kotak 50 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (3) 3 (3) L&T India Large Cap Fund 3 (4) 4 4 (4) 4 4 (4) 4 3 (3) 2 (2) 1 (1) Motilal Oswal MOSt Focused 25 3 (2) 2 2 (2) 1 3 (4) 3 5 (5) 5 (5) 2 (2) Fund Principal Large Cap Fund 3 (3) 3 3 (3) 3 3 (3) 3 2 (2) 2 (3) 3 (2) Reliance Focused Large Cap Fund 3 (3) 3 3 (3) 3 4 (5) 4 1 (2) 4 (4) 3 (3) SBI Magnum Equity Fund 3 (3) 3 3 (3) 3 2 (2) 2 3 (4) 4 (4) 3 (3) Tata Large Cap Fund 3 (3) 3 4 (3) 3 2 (2) 2 2 (1) 3 (3) 2 (2) UTI Top 100 Fund^ 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (2) 3 (3) BNP Paribas Equity Fund^ 4 (5) 4 4 (5) 4 3 (3) 3 5 (5) 3 (3) 3 (3) DSP BlackRock Top 100 Equity 4 (4) 4 3 (3) 3 5 (4) 5 4 (5) 4 (4) 3 (3) Fund JM Equity Fund 4 (4) 5 5 (4) 5 1 (2) 1 3 (3) 2 (3) 1 (2) Reliance Vision Fund^ 4 4 3 3 5 5 3 4 5 Sundaram Select Focus 4 (4) 3 4 (5) 4 2 (1) 2 4 (4) 4 (4) 2 (1) UTI Equity Fund 4 (4) 4 4 (3) 4 3 (3) 3 4 (3) 3 (3) 4 (4) UTI Mastershare Unit Scheme 4 (3) 4 4 (3) 4 2 (2) 2 3 (2) 2 (2) 4 (4) HDFC Large Cap Fund 5 (5) 5 5 (5) 5 4 (4) 4 5 (4) 5 (5) 2 (3) UTI Bluechip Flexicap Fund 5 (4) 4 4 (4) 4 3 (3) 3 4 (4) 3 (2) 3 (3) UTI Opportunities Fund 5 (5) 5 5 (4) 5 3 (3) 3 3 (4) 3 (3) 4 (4) Figures in bracket indicate the previous quarter rank. Fund categorization in each period: Large Cap . Mar’17 portfolios were not available at the time of scheme categorization. and Small & Mid Cap ^ Funds have met second level test.

Diversified Equity funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Mean Mean Volatility Volatility Industry Company Diversified Equity funds Fund Categorization Rank Rank Return Return Liquidity Regular Direct Concentration Concentration Regular Direct Regular Direct Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% Birla Sun Life Equity Fund 1 (1) 1 1 (1) 1 3 (3) 3 1 (3) 1 (1) 3 (3) Birla Sun Life India GenNext Fund 1 (2) 1 2 (2) 2 2 (2) 2 5 (4) 2 (1) 2 (2) Principal Emerging Bluechip Fund 1 (1) 1 1 (1) 1 5 (5) 5 1 (1) 1 (1) 3 (2) Sundaram Rural India Fund 1 (1) 1 1 (1) 1 3 (3) 3 4 (3) 1 (1) 4 (3) Tata Equity PE Fund 1 (1) 1 1 (1) 1 4 (4) 4 2 (3) 3 (3) 3 (3) Birla Sun Life Advantage Fund 2 (2) 2 2 (2) 2 4 (4) 4 3 (4) 2 (2) 3 (2) DSP BlackRock Opportunities Fund 2 (2) 2 1 (1) 1 4 (4) 4 3 (3) 3 (3) 2 (2) ICICI Prudential Dynamic Plan 2 (2) 2 3 (3) 3 1 (1) 1 1 (1) 3 (3) 4 (4) ICICI Prudential Multicap Fund 2 (2) 2 2 (2) 2 2 (2) 2 1 (1) 2 (3) 4 (4) EQUITY FUNDS IDFC Classic Equity Fund 2 (3) 2 3 (3) 2 3 (3) 3 4 (3) 1 (1) 2 (3) Invesco India Contra Fund 2 (3) 2 2 (3) 2 3 (3) 3 2 (3) 3 (3) 1 (2) Kotak Opportunities 2 (2) 2 2 (2) 2 3 (3) 3 3 (2) 2 (2) 2 (2) Principal Growth Fund 2 (3) 3 2 (3) 2 5 (5) 5 2 (3) 1 (2) 1 (1) Quantum Long-Term Equity Fund NA (1) 2 NA 3 NA 2 2 (3) 1 (4) 5 (1) SBI Magnum MultiCap Fund 2 (2) 2 2 (2) 2 3 (3) 3 2 (2) 2 (2) 3 (3) Axis Focused 25 Fund 3 (4) 3 3 (4) 3 3 (3) 3 5 (5) 5 (4) 3 (3) Baroda Pioneer Growth Fund 3 (4) 3 4 (4) 4 3 (3) 3 3 (3) 3 (3) 1 (1) Birla Sun Life Dividend Yield Plus 3 (4) 3 3 (4) 3 3 (3) 3 1 (1) 2 (2) 4 (4) DSP BlackRock Equity Fund 3 (3) 3 3 (3) 3 4 (4) 4 3 (3) 3 (2) 3 (3) Franklin India High Growth 3 (3) 3 3 (2) 3 3 (3) 3 5 (5) 5 (5) 4 (4) Companies Fund Franklin India Opportunities Fund 3 (3) 3 3 (3) 4 2 (2) 2 3 (2) 3 (3) 2 (3) Franklin India Prima Plus 3 (3) 3 3 (3) 3 1 (1) 1 2 (2) 3 (3) 3 (3) HDFC Capital Builder Fund 3 (3) 2 2 (3) 2 3 (3) 3 2 (2) 3 (3) 3 (3) HSBC India Opportunities Fund 3 (4) 3 3 (4) 3 4 (4) 4 4 (4) 4 (4) 1 (1) ICICI Prudential Value Discovery 3 (2) 3 3 (2) 3 2 (2) 2 2 (3) 4 (4) 5 (5) Fund IDBI Diversified Equity Fund 3 4 4 4 1 1 3 2 3 L&T Equity Fund 3 (4) 4 3 (4) 4 3 (3) 3 3 (3) 3 (3) 3 (3) L&T India Special Situations Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 2 (2) 3 (3) Mirae Asset India Opportunities 3 (2) 3 3 (2) 3 3 (3) 3 3 (3) 3 (3) 3 (2) Fund Reliance Growth Fund 3 (3) 3 2 (3) 2 4 (4) 4 3 (3) 3 (3) 5 (5) Reliance Regular Savings Fund - 3 (3) 4 3 (3) 3 4 (5) 4 2 (1) 3 (3) 5 (5) Equity SBI Magnum Multiplier Fund 3 (3) 3 3 (3) 3 3 (3) 4 3 (2) 3 (3) 4 (4) Tata Dividend Yield Fund 3 (3) 3 3 (3) 3 2 (2) 2 3 (2) 4 (3) 2 (2) Templeton India Growth Fund 3 (3) 3 3 (3) 3 3 (3) 3 5 (5) 5 (5) 3 (3) Franklin India Flexi Cap Fund 4 (3) 4 4 (4) 4 2 (2) 2 4 (4) 3 (3) 3 (3) HDFC Core and Satellite Fund 4 (3) 4 3 (3) 3 5 (5) 5 2 (2) 5 (5) 3 (3) HDFC Equity Fund 4 (4) 4 3 (3) 3 5 (5) 5 4 (4) 4 (5) 5 (5) HDFC Premier MultiCap Fund 4 4 4 4 5 5 3 5 2 ICICI Prudential Exports and Other 4 (3) 4 4 (3) 4 2 (1) 2 4 (5) 4 (4) 4 (4) Services Fund 7 .

P2.Jan’15 to Sep’15. Fund categorization in each period: Large Cap . hence P4 starts with a lag of one month and includes Jun’16. Direct plans ranking have been introduced this quarter. Mar 17 Mar 17 Mean Mean Volatility Volatility Industry Company Diversified Equity funds Fund Categorization Rank Rank Return Return Liquidity Regular Direct Concentration Concentration Regular Direct Regular Direct SBI Contra Fund 4 (4) 4 4 (4) 4 2 (2) 2 4 (5) 4 (4) 4 (4) Tata Equity Opportunities Fund 4 (3) 3 4 (3) 3 3 (2) 3 3 (3) 3 (3) 3 (3) UTI Dividend Yield Fund 4 (4) 4 4 (4) 4 3 (3) 3 3 (3) 3 (3) 3 (3) UTI MNC Fund 4 (3) 3 4 (3) 4 1 (1) 1 4 (4) 4 (4) 4 (4) Axis Equity Fund 5 (5) 5 5 (5) 5 2 (3) 2 5 (4) 4 (4) 3 (3) Canara Robeco Equity Diversified 5 (5) 5 5 (5) 5 4 (4) 4 3 (2) 2 (2) 2 (3) LIC MF Equity Fund 5 (5) 5 5 (5) 5 4 (4) 4 4 (4) 4 (4) 1 (1) Reliance Equity Opportunities Fund 5 (5) 5 5 (5) 5 3 (3) 3 3 (3) 3 (3) 5 (5) Tata Ethical Fund 5 (5) 5 5 (5) 5 1 (1) 1 3 (3) 3 (2) 2 (2) Figures in bracket indicate the previous quarter rank. Diversified .Jun’16^ – Feb’17. and Small & Mid Cap 8 . P1 signifies period from Apr’14 to Dec’14. Mar’17 portfolios were not available at the time of scheme categorization. P3 -Oct’15 to Jun’16 and P4 .

P1 signifies period from Apr’14 to Dec’14. and Small & Mid Cap ^ Funds have met second level test. Direct plans ranking have been introduced this quarter. hence categorized as Small and Mid-cap Equity funds. P2. Diversified . Fund categorization in each period: Large Cap . P3 -Oct’15 to Jun’16 and P4 .Jun’16^ – Feb’17. hence P4 starts with a lag of one month and includes Jun’16.Small and Mid-cap Equity funds (Cluster ranks are arranged alphabetically) Mar 17 Mar 17 Mean Mean Volatility Volatility Industry Company Small and Mid-cap Equity funds Fund Categorization Rank Rank Return Return Liquidity Regular Direct Concentration Concentration Regular Direct Regular Direct Weightages P1 P2 P3 P4 55% 25% 10% 5% 5% Birla Sun Life Small & Midcap 1 1 2 2 4 4 2 3 1 Fund DSP BlackRock Micro Cap Fund 1 (1) 1 1 (1) 1 3 (4) 3 1 (1) 2 (3) 5 (4) Mirae Asset Emerging Bluechip 1 (1) 1 1 (1) 1 3 (3) 3 3 (3) 3 (3) 3 (2) Fund Canara Robeco Emerging Equities 2 (3) 2 2 (3) 2 4 (4) 4 3 (3) 2 (2) 3 (3) Franklin India Smaller Companies 2 (2) 2 3 (2) 3 2 (2) 2 2 (1) 1 (1) 4 (3) Fund Kotak Emerging Equity 2 (2) 2 2 (2) 2 2 (2) 2 3 (3) 3 (3) 3 (3) Kotak Midcap 2 (3) 2 3 (3) 2 3 (3) 3 3 (2) 3 (3) 2 (2) L&T Midcap Fund 2 (1) 2 2 (2) 2 3 (3) 3 2 (2) 1 (1) 2 (1) Reliance Small Cap Fund 2 (2) 2 1 (1) 1 5 (5) 5 3 (3) 2 (2) 4 (4) Birla Sun Life Midcap Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 2 (2) 3 (2) Birla Sun Life Pure Value Fund 3 (3) 3 2 (2) 2 5 (5) 5 4 (4) 4 (4) 1 (2) BNP Paribas Mid Cap Fund 3 (4) 3 4 (4) 4 3 (3) 3 4 (4) 4 (3) 2 (2) DSP BlackRock Small and Midcap 3 (3) 3 2 (2) 3 4 (4) 4 3 (3) 3 (3) 3 (3) Fund Franklin India Prima Fund 3 (3) 3 3 (3) 3 2 (2) 2 4 (3) 3 (3) 3 (3) HDFC Mid-Cap Opportunities Fund 3 (2) 3 3 (3) 3 2 (2) 2 4 (4) 2 (2) 4 (5) ICICI Prudential MidCap Fund 3 (3) 3 3 (3) 3 3 (4) 3 1 (2) 4 (4) 2 (3) L&T India Value Fund^ 3 (2) 3 3 (3) 3 4 (4) 4 3 (4) 2 (2) 2 (1) SBI Magnum Midcap Fund 3 (3) 3 3 (3) 3 2 (2) 2 2 (3) 3 (4) 3 (3) Sundaram S M I L E Fund 3 (4) 3 3 (3) 3 5 (5) 5 3 (4) 4 (4) 3 (3) Sundaram Select Midcap 3 (2) 3 3 (2) 3 4 (4) 4 3 (3) 3 (3) 4 (4) Tata Mid Cap Growth Fund 3 (4) 3 4 (4) 4 3 (3) 3 2 (2) 3 (3) 1 (2) Birla Sun Life MNC Fund 4 (4) 4 4 (4) 4 1 (1) 1 5 (5) 5 (5) 5 (5) IDFC Sterling Equity Fund 4 (5) 4 4 (4) 4 3 (3) 3 3 (2) 3 (4) 2 (3) Motilal Oswal MOSt Focused 4 4 3 3 4 4 5 5 3 Midcap 30 Fund Reliance Mid & Small Cap Fund 4 (3) 4 3 (3) 3 3 (3) 3 2 (2) 3 (3) 3 (4) SBI Emerging Businesses Fund 4 (4) 4 4 (4) 4 1 (1) 1 4 (5) 5 (5) 5 (5) UTI Mid Cap Fund 4 (3) 4 4 (4) 4 3 (3) 3 1 (1) 1 (1) 3 (3) Axis Midcap Fund 5 (5) 5 5 (5) 5 3 (3) 3 5 (5) 4 (5) 3 (3) IDFC Premier Equity Fund 5 (5) 5 5 (5) 5 2 (2) 2 3 (3) 3 (3) 4 (4) SBI Magnum Global Fund 5 (4) 5 5 (5) 5 1 (1) 1 4 (4) 4 (4) 4 (4) Figures in bracket indicate the previous quarter rank.Jan’15 to Sep’15. Mar’17 portfolios were not available at the time of scheme categorization. 9 .

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

Direct plans ranking have been introduced this quarter.Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically) Mar Mar 17 Mean Mean 17 Volatility Volatility Industry Company Equity Linked Savings Scheme (ELSS) Rank Return Return Liquidity Rank Regular Direct Concentration Concentration Regular Regular Direct Direct Weightages 55% 25% 10% 5% 5% DSP BlackRock Tax Saver Fund 1 (1) 1 1 (1) 1 4 (4) 4 2 (2) 2 (3) 3 (3) Principal Tax Saving Fund 1 (3) 2 1 (3) 2 5 (5) 5 3 (3) 2 (2) 1 (1) HDFC Long Term Advantage Fund 2 (3) 3 2 (2) 2 3 (3) 3 3 (3) 4 (4) 4 (4) Kotak Tax Saver Scheme 2 (2) 1 2 (2) 1 3 (3) 3 3 (3) 3 (3) 2 (2) L&T Tax Advantage Fund 2 (2) 2 3 (2) 3 3 (3) 3 2 (2) 1 (2) 3 (3) Tata India Tax Savings Fund 2 (1) 2 2 (2) 2 3 (3) 3 3 (3) 1 (1) 3 (3) Birla Sun Life Tax Plan 3 (2) 3 3 (3) 3 2 (2) 2 3 (2) 3 (3) 4 (3) Birla Sun Life Tax Relief 96 3 (2) 3 3 (1) 3 3 (3) 3 3 (3) 3 (3) 5 (5) Franklin India Taxshield Fund 3 (3) 3 3 (3) 3 2 (2) 2 4 (4) 3 (3) 3 (3) HDFC Tax Saver Fund 3 (4) 3 3 (3) 3 4 (4) 4 3 (4) 4 (4) 3 (3) ICICI Prudential Long Term Equity Fund (Tax Saving) 3 (3) 3 3 (3) 3 1 (1) 1 2 (3) 3 (3) 4 (4) IDFC Tax Advantage Fund 3 (4) 2 3 (4) 3 4 (3) 4 2 (2) 2 (2) 3 (3) Invesco India Tax Plan 3 (3) 3 3 (3) 3 3 (3) 3 4 (3) 4 (4) 1 (2) Reliance Tax Saver Fund 3 (3) 3 2 (3) 2 5 (5) 5 3 (3) 4 (4) 5 (5) Sundaram Taxsaver 3 (3) 3 3 (3) 3 4 (4) 4 3 (3) 2 (2) 3 (3) UTI Long Term Equity Fund (Tax Saving) 3 (3) 3 4 (4) 3 2 (2) 2 1 (1) 3 (1) 2 (2) Axis Long Term Equity Fund 4 (4) 4 4 (3) 4 2 (2) 2 5 (5) 5 (5) 4 (4) IDBI Equity Advantage Fund 4 (3) 4 3 (3) 4 1 (1) 1 4 (4) 5 (5) 3 (3) Principal Personal Tax Saver 4 (3) 4 4 (4) 4 3 (3) 3 3 (4) 3 (3) 2 (1) SBI Magnum Tax Gain Scheme 1993 4 (4) 4 4 (4) 4 3 (3) 3 4 (3) 3 (3) 3 (4) BNP Paribas Long Term Equity Fund 5 (5) 5 5 (5) 5 3 (3) 3 5 (5) 3 (3) 2 (2) Canara Robeco Equity Tax Saver 5 (5) 5 5 (5) 5 3 (4) 3 1 (1) 3 (3) 3 (3) Figures in bracket indicate the previous quarter rank. 11 .

NSE Nifty Plan 3 (3) 3 HDFC Index Fund . 12 . Direct plans ranking have been introduced this quarter.Nifty Plan 3 (3) 3 Franklin India Index Fund .Index funds (Cluster ranks are arranged alphabetically) Mar 17 Rank Mar 17 Rank Index funds Regular Direct Weightages Kotak Nifty ETF 1 (1) 1 Reliance ETF Nifty BeES 2 (1) 2 ICICI Prudential Nifty iWIN ETF 2 (2) 2 UTI Nifty Index Fund 2 (2) 2 IDBI Nifty Index Fund 3 (2) 3 SBI Nifty Index Fund 3 (3) 3 HDFC Index Fund .Nifty Plan 3 (3) 3 ICICI Prudential Nifty Index Fund 4 (4) 4 SBI-ETF SENSEX 4 (4) 4 Birla Sun Life Nifty ETF 4 (4) 4 Birla Sun Life Index Fund 5 (5) 5 Figures in bracket indicate the previous quarter rank.Sensex Plan 3 (3) 3 Reliance Index Fund .

Balanced funds (Cluster ranks are arranged alphabetically) Industry Superior Superior Mar 17 Mar 17 Concentration / Return Return Company Debt Asset Debt Equity Balanced funds Rank Rank Exposure to Score Score Concentration Quality Liquidity Liquidity Regular Direct Sensitive Regular Direct Sector* 5%* 5%* Weightages 75% 10% 5% 10%*K (100-K) (100-K) ICICI Prudential Balanced Fund 1 (1) 1 1 (1) 1 2 (3) 3 (4) 3 (3) 3 (3) 3 (3) Birla Sun Life Balanced 95 Fund 2 (2) 2 2 (2) 2 3 (2) 2 (1) 2 (2) 3 (3) 3 (3) DSP BlackRock Balanced Fund 2 (2) 3 2 (2) 3 4 (4) 3 (3) 3 (3) 4 (3) 3 (3) HDFC Balanced Fund 2 (2) 2 2 (2) 2 3 (2) 3 (3) 3 (3) 2 (3) 4 (4) Canara Robeco Balance 3 (3) 3 3 (3) 3 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) HDFC Prudence Fund 3 (3) 3 3 (3) 3 3 (3) 4 (4) 4 (4) 2 (2) 4 (4) Kotak Balance 3 (3) 2 3 (3) 2 1 (1) 1 (2) 3 (4) 3 (3) 3 (2) L&T India Prudence Fund 3 (3) 3 3 (3) 3 3 (3) 2 (3) 3 (2) 3 (2) 3 (4) Reliance Regular Savings Fund - 3 (3) 3 3 (3) 3 3 (3) 4 (4) 5 (3) 4 (3) 3 (3) Balanced UTI Balanced Fund 3 (4) 4 3 (4) 4 2 (3) 3 (3) 3 (3) 4 (4) 2 (2) Franklin India Balanced Fund 4 (3) 3 4 (3) 4 4 (4) 3 (3) 4 (3) 3 (4) 2 (2) SBI Magnum Balanced Fund 4 (4) 4 4 (4) 3 5 (5) 4 (3) 4 (5) 5 (4) 5 (5) Tata Balanced Fund 4 (4) 4 4 (4) 4 3 (3) 3 (2) 1 (1) 1 (1) 4 (3) HYBRID FUNDS JM Balanced Fund 5 (5) 5 5 (5) 5 4 (4) 5 (5) 2 (4) 3 (5) 1 (1) Figures in bracket indicate the previous quarter rank. K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio 13 . Direct plans ranking have been introduced this quarter.

K = Equity Component in Hybrid Funds * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio 14 .Monthly Income Plan – Aggressive (Cluster ranks are arranged alphabetically) Industry Superior Superior Mar 17 Mar 17 Concentration Debt Return Return Company Debt Equity Modified Monthly Income Plan .5%*K 5% (100-K) Birla Sun Life MIP II .STP 3 (4) 3 3 (4) 3 3 (3) 2 (1) 3 (3) 4 (4) 3 (3) 3 (2) HSBC Monthly Income Plan 3 (3) 4 4 (3) 4 2 (3) 3 (3) 1 (1) 1 (1) 2 (2) 3 (4) Sundaram Monthly Income Plan 3 (2) 3 3 (2) 3 5 (4) 5 (3) 3 (3) 5 (5) 5 (4) 2 (1) UTI MIS Advantage Plan 3 (3) 3 3 (3) 3 3 (3) 4 (5) 4 (3) 4 (3) 2 (3) 3 (5) BNP Paribas Monthly Income Plan 4 (4) 3 4 (4) 3 3 (3) 3 (1) 4 (2) 3 (3) 3 (3) 3 (3) Franklin India Monthly Income Plan 4 (3) 4 4 (3) 4 3 (2) 2 (3) 2 (3) 3 (3) 1 (2) 4 (3) Reliance Monthly Income Plan 4 (3) 4 3 (3) 4 4 (4) 2 (2) 5 (4) 5 (5) 5 (5) 4 (3) Canara Robeco Monthly Income Plan 5 (5) 5 5 (5) 5 2 (3) 5 (2) 2 (2) 1 (2) 2 (3) 2 (4) LIC MF Monthly Income Plan 5 (4) 5 5 (4) 5 1 (1) 1 (4) 3 (5) 2 (3) 1 (1) 1 (1) Figures in bracket indicate the previous quarter rank.Wealth 25 Plan 1 (1) 1 1 (1) 1 4 (4) 4 (4) 2 (2) 2 (2) 4 (4) 5 (4) ICICI Prudential MIP 25 1 (2) 2 1 (2) 1 5 (5) 3 (3) 5 (5) 3 (3) 4 (4) 4 (3) HDFC Monthly Income Plan .5% 7.Aggressive Rank Rank / Exposure to Asset Score Score Concentration Liquidity Liquidity Duration Regular Direct Sensitive Quality Regular Direct Sector* 7.5%* Weightages 60% 5% 5% 17.LTP 2 (2) 2 2 (2) 2 4 (3) 3 (3) 4 (4) 3 (2) 4 (5) 5 (5) IDFC Monthly Income Plan 2 (3) 2 3 (3) 3 2 (2) 4 (2) 1 (1) 2 (1) 3 (3) 1 (3) Kotak Monthly Income Plan 2 (1) 1 2 (1) 2 1 (2) 1 (3) 3 (3) 3 (3) 3 (2) 3 (2) DSP BlackRock MIP Fund 3 (3) 3 2 (3) 2 3 (5) 3 (4) 3 (3) 4 (4) 3 (3) 2 (3) HDFC Monthly Income Plan . Direct plans ranking have been introduced this quarter.

Long Term Plan 3 (3) 3 3 (3) 3 4 (3) 3 (3) HDFC Gilt Fund .PF Option 2 (2) 3 2 (2) 3 5 (4) 4 (3) IDFC G Sec Fund .Long Term Gilt funds (Cluster ranks are arranged alphabetically) Mar 17 Superior Superior Mar 17 Rank Modified Long Term Gilt funds Rank Return Score Return Score Liquidity Regular Duration Direct Regular Direct Weightages 75% 10% 15.PF Plan 3 3 3 3 4 3 DSP BlackRock Govt Sec Fund 3 (3) 3 3 (3) 3 2 (3) 2 (3) Franklin India G-Sec Fund .Composite Plan 3 (3) 3 4 (3) 3 4 (3) 2 (3) Franklin India G-Sec Fund .PF Plan 2 (3) 2 2 (3) 2 2 (3) 3 (2) L&T Gilt 2 (2) 1 2 (2) 2 3 (4) 1 (2) SBI Magnum Gilt Fund .Long Term 2 (1) 2 2 (1) 2 3 (2) 4 (3) Birla Sun Life Gilt Plus .Long Term Plan 5 (4) 5 5 (4) 5 3 (3) 3 (4) LIC MF G-Sec Fund 5 (4) 4 5 (5) 5 1 (1) 2 (1) Figures in bracket indicate the previous quarter rank. Direct plans ranking have been introduced this quarter.Investment Plan 3 (4) 3 3 (4) 3 2 (2) 3 (3) Invesco India Gilt Fund 3 (3) 2 3 (3) 2 3 (4) 1 (3) Kotak Gilt .Investment .0% Reliance Gilt Securities Fund 1 (1) 1 1 (1) 1 3 (3) 3 (3) UTI Gilt Advantage Fund .Investment 3 (3) 3 3 (3) 3 3 (4) 3 (4) DHFL Pramerica Gilt Fund 4 (5) 5 3 (4) 4 3 (1) 5 (5) Edelweiss Government Securities Fund 4 4 4 4 1 3 Tata Gilt Mid Term Fund 4 (4) 4 4 (4) 4 3 (2) 4 (5) Tata Gilt Securities Fund 4 (5) 3 4 (5) 4 2 (2) 2 (2) Birla Sun Life Govt Securities . DEBT FUNDS 15 .Long Term Plan 3 (3) 4 3 (3) 3 4 (5) 5 (4) ICICI Prudential Long Term Gilt Fund 3 (3) 3 3 (2) 3 5 (5) 4 (4) IDFC G Sec Fund .Long Term Plan 1 (2) 2 1 (3) 1 3 (3) 3 (2) ICICI Prudential Gilt .

Dynamic Plan 3 (2) 3 3 (2) 3 4 (4) 1 (1) 3 (1) 3 (3) 4 (5) ICICI Prudential Income Opportunities Fund 3 (4) 3 3 (4) 3 2 (1) 4 (4) 1 (1) 4 (4) 3 (4) Invesco India Active Income 3 (3) 3 3 (4) 4 3 (5) 1 (1) 5 (3) 2 (2) 2 (1) Kotak Flexi Debt 3 3 3 3 3 3 3 4 4 Reliance Income Fund 3 (3) 3 4 (3) 3 4 (4) 1 (1) 3 (3) 2 (2) 2 (2) SBI Magnum Income Fund 3 (4) 3 2 (3) 3 3 (2) 5 (5) 3 (4) 5 (5) 5 (5) Sundaram Flexible Fund .5% 17. 16 . Direct plans ranking have been introduced this quarter.Flexible Income Plan 3 (3) 3 3 (3) 3 3 (2) 1 (1) 3 (3) 3 (4) 3 (3) Canara Robeco Medium Term Opportunities 4 4 4 4 1 1 1 4 5 Fund DSP BlackRock Bond Fund 4 (4) 4 4 (4) 4 2 (2) 1 (1) 4 (5) 5 (5) 4 (4) DSP BlackRock Strategic Bond Fund 4 (3) 4 3 (3) 4 2 (2) 1 (4) 3 (5) 3 (2) 3 (2) HDFC Income Fund 4 (3) 4 4 (3) 3 5 (5) 4 (4) 3 (1) 3 (3) 3 (4) Kotak Bond 4 (3) 4 4 (3) 4 4 (4) 1 (1) 1 (3) 2 (3) 4 (4) LIC MF Bond Fund 4 (4) 5 4 (4) 5 2 (1) 1 (1) 1 (3) 3 (4) 3 (3) Tata Dynamic Bond Fund 4 (4) 3 4 (4) 3 1 (3) 1 (1) 4 (4) 3 (1) 2 (2) Edelweiss Bond Fund 5 (4) 4 5 (4) 4 1 (1) 1 (1) 5 (4) 3 (4) 4 (3) HSBC Flexi Debt Fund 5 (5) 5 5 (5) 5 3 (4) 1 (1) 3 (3) 2 (3) 2 (2) L&T Triple Ace Bond Fund 5 (5) 5 5 (5) 5 3 (3) 3 (4) 3 (3) 3 (2) 2 (3) Union Dynamic Bond Fund 5 (5) 5 5 (5) 5 3 (3) 1 (1) 5 (1) 1 (2) 1 (2) Figures in bracket indicate the previous quarter rank.Investment 2 (2) 2 2 (3) 2 2 (3) 1 (1) 4 (3) 1 (1) 1 (1) Plan Reliance Dynamic Bond Fund 2 (2) 3 3 (2) 3 4 (4) 1 (1) 3 (1) 3 (3) 3 (3) SBI Dynamic Bond Fund 2 (3) 2 2 (2) 2 3 (3) 4 (1) 4 (5) 2 (3) 2 (3) Axis Dynamic Bond Fund 3 (3) 2 3 (3) 2 4 (3) 1 (1) 1 (3) 3 (3) 3 (3) Axis Regular Savings Fund 3 3 3 3 1 4 2 5 5 Birla Sun Life Dynamic Bond Fund 3 (3) 3 3 (2) 3 5 (4) 4 (4) 1 (1) 4 (5) 4 (5) Birla Sun Life Income Plus 3 (3) 3 3 (3) 3 5 (5) 1 (1) 1 (1) 2 (3) 1 (2) Birla Sun Life Treasury Optimizer Plan 3 4 3 4 3 4 1 4 3 BNP Paribas Flexi Debt Fund 3 (3) 3 3 (3) 3 3 (2) 1 (1) 4 (4) 3 (3) 3 (3) DHFL Pramerica Medium Term Income Fund 3 3 3 3 2 4 3 4 4 HDFC High Interest Fund .5% Canara Robeco Dynamic Bond Fund 1 (2) 2 1 (2) 2 3 (3) 1 (1) 5 (3) 1 (2) 2 (3) ICICI Prudential Long Term Plan 1 (1) 1 1 (1) 1 4 (3) 5 (5) 3 (2) 3 (4) 3 (4) UTI Bond Fund 1 (2) 1 1 (2) 1 3 (3) 1 (1) 3 (4) 3 (3) 3 (3) UTI-Dynamic Bond Fund 1 (1) 1 1 (1) 1 3 (3) 1 (1) 4 (4) 3 (3) 3 (3) DHFL Pramerica Dynamic Bond Fund 2 2 2 2 4 1 1 1 3 ICICI Prudential Dynamic Bond Fund 2 (3) 2 2 (3) 2 3 (2) 5 (4) 2 (2) 5 (4) 5 (4) ICICI Prudential Income Plan 2 (1) 2 2 (1) 1 5 (3) 5 (5) 3 (3) 4 (3) 3 (3) IDFC Dynamic Bond Fund 2 (2) 1 2 (3) 2 2 (3) 1 (1) 4 (3) 2 (1) 1 (1) IDFC Super Saver Income Fund .Income funds (Cluster ranks are arranged alphabetically) Superior Superior Exposure Mar 17 Mar 17 Return Return Modified to Company Asset Income funds Rank Rank Liquidity Score Score Duration Sensitive Concentration Quality Regular Direct Regular Direct Sector Weightages 60% 5% 5% 5% 7.

0% 5.0% 5.Credit Opportunities Funds (Cluster ranks are arranged alphabetically) Exposure Mar 17 Mar 17 Mean Mean Volatility Volatility to Company Asset Modified Credit Opportunities funds Rank Rank Return Return Liquidity Regular Direct Sensitive Concentration Quality Duration Regular Direct Regular Direct Sector Weightages 50.0% Franklin India Low Duration Fund 1 (2) 2 3 (4) 3 1 (1) 1 3 (3) 1 (1) 3 (3) 1 (1) 3 (3) Reliance Corporate Bond Fund 1 (1) 1 2 (1) 2 5 (5) 5 2 (2) 1 (1) 1 (1) 5 (5) 1 (1) Franklin India Dynamic Accrual Fund 2 (3) 2 1 (1) 1 3 (2) 3 3 (3) 1 (1) 4 (4) 3 (3) 4 (5) Franklin India Income Opportunities Fund 2 (4) 2 2 (3) 1 1 (3) 1 2 (2) 4 (4) 4 (4) 1 (1) 4 (4) Kotak Income Opportunities Fund 2 (2) 2 3 (3) 3 3 (4) 3 4 (3) 1 (1) 2 (2) 3 (4) 2 (2) UTI Income Opportunities Fund 2 (1) 1 3 (3) 2 3 (2) 3 1 (2) 1 (3) 2 (2) 3 (3) 2 (2) Birla Sun Life Corporate Bond Fund 3 (3) 3 3 (3) 3 4 (4) 4 3 (2) 3 (1) 3 (3) 4 (4) 2 (2) BOI AXA Corporate Credit Spectrum Fund 3 (4) 4 1 (2) 3 2 (3) 2 1 (1) 5 (5) 5 (5) 2 (2) 4 (3) Franklin India Corporate Bond Opportunities 3 (4) 3 2 (4) 2 2 (3) 2 3 (4) 1 (1) 4 (4) 2 (2) 5 (5) Fund Franklin India Income Builder Account 3 (4) 3 3 (2) 3 3 (3) 3 3 (3) 4 (4) 3 (4) 3 (3) 3 (4) Franklin India Short Term Income Plan 3 (5) 3 2 (3) 2 2 (3) 2 2 (3) 4 (4) 5 (5) 2 (2) 5 (4) HDFC Corporate Debt Opportunities Fund 3 (3) 3 3 (2) 3 4 (4) 4 3 (4) 1 (1) 3 (3) 4 (4) 3 (3) HDFC Regular Savings Fund 3 (3) 3 4 (4) 5 2 (2) 2 2 (3) 1 (1) 3 (3) 2 (2) 3 (3) ICICI Prudential Corporate Bond Fund 3 (2) 3 4 (3) 3 4 (4) 4 4 (5) 1 (1) 1 (1) 4 (4) 3 (3) Kotak Medium Term Fund 3 (2) 3 3 (2) 3 4 (5) 4 3 (2) 1 (1) 2 (2) 4 (4) 1 (1) L&T Income Opportunities Fund 3 (3) 3 3 (4) 3 3 (3) 3 3 (3) 4 (4) 2 (2) 3 (3) 3 (3) DHFL Pramerica Credit Opportunities Fund 4 (5) 4 4 (5) 4 3 (2) 3 4 (4) 3 (5) 4 (4) 3 (3) 3 (3) DSP BlackRock Income Opportunities Fund 4 (3) 3 5 (3) 4 3 (3) 3 3 (3) 1 (1) 3 (3) 3 (3) 2 (2) Reliance Regular Savings Fund .0% 10.0% 10.0% 15.Debt 4 (3) 4 4 (4) 4 3 (2) 3 5 (4) 1 (3) 3 (3) 3 (3) 3 (4) SBI Corporate Bond Fund 4 (3) 4 3 (3) 4 3 (3) 3 4 (4) 5 (3) 3 (3) 3 (3) 3 (3) Birla Sun Life Medium Term Plan 5 (3) 5 5 (2) 5 5 (4) 5 3 (3) 1 (1) 3 (3) 5 (5) 3 (2) ICICI Prudential Regular Savings Fund 5 (4) 5 3 (3) 3 3 (3) 3 5 (5) 1 (1) 3 (3) 3 (3) 4 (4) Figures in bracket indicate the previous quarter rank. 17 . Direct plans ranking have been introduced this quarter.0% 5.

0% 5. 18 .0% 10.0% 5.0% IDFC Money Manager Fund .0% 15.0% 5. Direct plans ranking have been introduced this quarter.Short Term Plan 4 (4) 4 4 (4) 4 3 (3) 3 1 (1) 3 (3) 4 (4) 3 (3) 4 (4) Kotak Banking and PSU Debt Fund 4 (4) 4 3 (3) 3 4 (3) 4 3 (3) 3 (4) 5 (5) 3 (3) 3 (3) Sundaram Select Debt ST Asset Plan 4 (2) 4 4 (4) 3 2 (2) 2 5 (3) 3 (3) 3 (3) 2 (3) 3 (2) Axis Fixed Income Opportunities Fund 5 (5) 4 3 (3) 1 3 (3) 3 4 (3) 2 (1) 5 (4) 3 (3) 5 (5) DHFL Pramerica Premier Bond Fund 5 (5) 5 5 (4) 4 4 (3) 4 5 (5) 2 (1) 3 (3) 4 (4) 3 (3) DSP BlackRock Short Term Fund 5 (4) 5 5 (5) 4 3 (3) 3 1 (1) 4 (3) 4 (4) 3 (3) 3 (3) Figures in bracket indicate the previous quarter rank.Short Term Income Funds (Cluster ranks are arranged alphabetically) Exposure Mar 17 Mar 17 Mean Mean Volatility Volatility to Company Asset Modified Short Term Income funds Rank Rank Return Return Liquidity Regular Direct Sensitive Concentration Quality Duration Regular Direct Regular Direct Sector Weightages 50.Investment 1 (3) 1 3 (4) 3 1 (1) 1 1 (1) 4 (5) 2 (3) 1 (1) 3 (4) Plan IDFC Super Saver Income Fund .Long 2 2 3 3 1 1 1 3 4 1 4 Term HDFC Medium Term Opportunities Fund 2 (2) 2 2 (2) 3 4 (3) 4 1 (1) 3 (3) 2 (3) 4 (4) 2 (2) HDFC Short Term Opportunities Fund 2 (3) 2 3 (3) 3 1 (1) 1 3 (3) 3 (1) 3 (3) 1 (1) 4 (4) ICICI Prudential Ultra Short Term Plan 2 (3) 3 2 (3) 3 3 (3) 3 3 (1) 1 (1) 3 (3) 3 (3) 4 (3) Tata Short Term Bond Fund 2 (2) 2 3 (4) 3 2 (2) 2 1 (1) 1 (1) 1 (2) 2 (3) 3 (2) UTI Short Term Income Fund 2 (3) 2 1 (2) 2 3 (4) 3 1 (1) 3 (4) 4 (3) 2 (2) 4 (3) Axis Short Term Fund 3 (3) 3 3 (3) 2 3 (3) 3 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) Birla Sun Life Short Term Fund 3 (2) 3 2 (3) 3 3 (3) 3 1 (1) 3 (1) 3 (3) 3 (3) 3 (3) DHFL Pramerica Banking & PSU Debt Fund 3 (3) 3 5 (3) 5 3 (3) 3 1 (1) 1 (1) 3 (2) 4 (3) 1 (2) ICICI Prudential Short Term Plan 3 (3) 3 1 (2) 1 4 (4) 4 4 (4) 2 (4) 3 (4) 5 (4) 4 (4) IDFC Super Saver Income Fund .Short 3 (3) 3 4 (5) 4 2 (2) 2 1 (1) 5 (3) 3 (3) 2 (2) 2 (3) Term Invesco India Short Term Fund 3 (2) 4 4 (3) 5 4 (4) 4 1 (1) 3 (3) 3 (2) 3 (4) 3 (2) Kotak Bond Short Term Plan 3 (3) 2 3 (3) 2 3 (3) 3 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) L&T Short Term Opportunities Fund 3 (3) 3 4 (5) 4 2 (2) 2 1 (1) 4 (3) 2 (3) 2 (2) 2 (3) Reliance Banking & PSU Debt Fund 3 (3) 3 3 (3) 4 5 (4) 5 1 (3) 4 (4) 2 (2) 5 (4) 2 (3) Reliance Floating Rate Fund 3 (3) 3 4 (4) 5 2 (1) 2 1 (4) 3 (4) 3 (3) 4 (1) 2 (3) Reliance Short Term Fund 3 (3) 3 3 (3) 3 4 (3) 4 4 (3) 3 (3) 4 (3) 4 (3) 3 (3) SBI Short Term Debt Fund 3 (3) 3 3 (3) 3 3 (2) 3 4 (4) 2 (1) 2 (2) 3 (2) 3 (3) DHFL Pramerica Short Maturity Fund 4 (5) 3 2 (3) 1 2 (2) 2 4 (5) 1 (3) 4 (5) 3 (2) 5 (5) DSP BlackRock Banking & PSU Debt Fund 4 (2) 4 3 (2) 3 5 (4) 5 5 (1) 5 (5) 1 (1) 4 (3) 2 (1) HDFC Banking & PSU Debt Fund 4 (4) 5 2 (2) 2 5 (4) 5 4 (4) 1 (3) 5 (5) 5 (4) 5 (3) HSBC Income Fund .0% 10.Medium 1 (1) 1 2 (3) 2 3 (3) 3 1 (1) 5 (3) 1 (1) 3 (3) 1 (1) Term UTI-Banking & PSU Debt Fund 1 (1) 1 1 (1) 2 3 (3) 3 1 (1) 4 (5) 2 (1) 2 (2) 1 (1) Birla Sun Life Floating Rate Fund .

0% DHFL Pramerica Short Term Floating Rate 1 (3) 1 3 (4) 3 3 (3) 3 1 (4) 3 (1) 2 (3) 4 (3) 2 (2) Fund Indiabulls Ultra Short Term Fund 1 (1) 1 2 (2) 2 2 (2) 2 3 (3) 4 (4) 2 (1) 1 (1) 3 (3) LIC MF Income Plus Fund 1 1 4 3 4 4 1 3 1 4 1 Sundaram Banking & PSU Debt Fund 1 (1) 1 4 (5) 5 1 (1) 1 1 (1) 4 (5) 1 (1) 2 (1) 1 (1) Axis Banking & PSU Debt Fund 2 2 3 3 4 4 1 4 2 4 2 DSP BlackRock Ultra Short Term Fund 2 (2) 2 3 (3) 4 3 (3) 3 1 (1) 3 (4) 2 (2) 2 (3) 2 (1) IDFC Banking Debt Fund 2 (2) 2 5 (5) 5 1 (2) 1 1 (1) 5 (5) 1 (1) 1 (1) 1 (1) Invesco India Credit Opportunities Fund 2 (1) 2 4 (5) 5 1 (1) 1 5 (4) 3 (3) 2 (2) 3 (1) 4 (4) JM Money Manager Fund .Treasury 4 (4) 4 3 (3) 3 5 (5) 5 3 (3) 1 (3) 4 (4) 4 (5) 4 (3) Advantage Plan ICICI Prudential Savings Fund 4 (5) 4 1 (3) 1 4 (5) 4 4 (4) 4 (1) 5 (5) 4 (4) 5 (4) Invesco India Medium Term Bond Fund 4 (5) 4 2 (2) 2 3 (3) 3 3 (4) 1 (1) 4 (5) 3 (3) 5 (5) Kotak Low Duration Fund 4 (4) 3 1 (2) 1 4 (3) 4 4 (3) 3 (4) 5 (4) 4 (3) 5 (5) Principal Low Duration Fund 4 (4) 5 3 (3) 2 3 (3) 3 4 (3) 5 (4) 4 (4) 3 (3) 3 (4) SBI Savings Fund 4 (4) 4 4 (4) 3 3 (3) 3 3 (4) 1 (1) 3 (3) 3 (3) 4 (4) SBI Treasury Advantage Fund 4 (3) 4 4 (3) 3 3 (3) 3 4 (4) 3 (1) 3 (2) 3 (3) 3 (3) 19 .Short Term 3 (3) 3 3 (2) 3 4 (4) 4 3 (3) 3 (3) 3 (3) 4 (4) 2 (2) Plan ICICI Prudential Flexible Income Plan 3 (2) 3 2 (2) 2 4 (4) 4 3 (3) 3 (1) 3 (3) 4 (4) 3 (3) IDFC Money Manager Fund .0% 5.Treasury Plan 3 (3) 3 4 (4) 4 3 (4) 3 1 (3) 1 (3) 3 (3) 3 (4) 2 (2) IDFC Ultra Short Term Fund 3 (3) 3 2 (3) 3 3 (3) 3 4 (3) 1 (3) 3 (3) 3 (3) 3 (3) Invesco India Ultra Short Term Fund 3 (2) 3 4 (3) 3 3 (4) 3 3 (3) 1 (1) 3 (3) 3 (3) 3 (3) Kotak Treasury Advantage Fund 3 (3) 3 3 (4) 4 2 (2) 2 3 (3) 2 (3) 3 (3) 2 (2) 3 (4) Reliance Medium Term Fund 3 (3) 3 2 (1) 2 5 (4) 5 3 (3) 3 (1) 4 (4) 5 (5) 3 (3) Reliance Money Manager Fund 3 (3) 3 3 (3) 3 3 (3) 3 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) Sundaram Ultra Short Term Fund 3 (3) 3 4 (4) 3 3 (3) 3 3 (3) 3 (4) 3 (2) 3 (3) 2 (2) UTI Floating Rate Fund .STP 3 (3) 3 2 (3) 2 3 (3) 3 3 (3) 3 (3) 4 (4) 2 (3) 4 (3) Birla Sun Life Cash Manager 4 (3) 3 3 (3) 3 4 (4) 4 3 (1) 3 (3) 3 (3) 4 (3) 3 (3) DHFL Pramerica Low Duration Fund 4 (5) 4 2 (2) 2 2 (2) 2 3 (5) 1 (5) 5 (5) 3 (2) 4 (5) HDFC Cash Management Fund .0% 10.Super Plus Plan 2 (3) 2 3 (3) 4 4 (4) 4 1 (1) 4 (4) 2 (3) 3 (4) 2 (3) L&T Ultra Short Term Fund 2 (2) 2 3 (3) 3 3 (3) 3 3 (1) 3 (1) 2 (3) 3 (3) 2 (2) SBI Ultra Short Term Debt Fund 2 (2) 3 3 (4) 4 2 (2) 2 2 (2) 1 (1) 3 (2) 2 (2) 3 (3) Tata Ultra Short Term Fund 2 (3) 2 3 (3) 3 2 (3) 2 2 (2) 1 (1) 3 (2) 3 (3) 3 (3) UTI Treasury Advantage Fund 2 (3) 3 2 (2) 3 2 (3) 2 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) Axis Treasury Advantage Fund 3 (2) 2 3 (4) 3 2 (2) 2 1 (2) 1 (1) 2 (2) 2 (2) 3 (2) Baroda Pioneer Treasury Advantage Fund 3 (4) 3 1 (2) 1 3 (2) 3 5 (5) 4 (4) 4 (4) 3 (3) 4 (4) Birla Sun Life Savings Fund 3 (3) 5 2 (1) 3 5 (4) 5 4 (4) 3 (3) 4 (4) 5 (5) 4 (3) Canara Robeco Savings Plus Fund 3 (3) 3 3 (3) 4 3 (3) 3 1 (1) 4 (3) 3 (3) 2 (3) 3 (3) DHFL Pramerica Ultra Short Term Fund 3 (2) 3 3 (3) 4 2 (1) 2 3 (3) 3 (1) 3 (1) 1 (2) 3 (3) DSP BlackRock Money Manager Fund 3 (4) 2 5 (5) 4 1 (1) 1 4 (2) 2 (1) 2 (3) 1 (2) 3 (3) Edelweiss Banking and PSU Debt Fund 3 4 4 5 4 4 1 3 3 5 1 Franklin India Ultra Short Bond Fund 3 (4) 4 1 (1) 1 2 (2) 2 5 (5) 1 (1) 5 (5) 3 (3) 5 (5) HDFC Floating Rate Income Fund .0% 10.0% 5.0% 5.0% 15.Ultra Short-term Debt funds (Cluster ranks are arranged alphabetically) Exposure Mar 17 Mar 17 Mean Mean Volatility Volatility to Company Asset Modified Ultra Short-term Debt funds Rank Rank Return Return Liquidity Regular Direct Sensitive Concentration Quality Duration Regular Direct Regular Direct Sector Weightages 50.

20 . Direct plans ranking have been introduced this quarter. Exposure Mar 17 Mar 17 Mean Mean Volatility Volatility to Company Asset Modified Ultra Short-term Debt funds Rank Rank Return Return Liquidity Regular Direct Sensitive Concentration Quality Duration Regular Direct Regular Direct Sector IDBI Ultra Short Term Fund 5 (3) 5 5 (4) 4 3 (3) 3 3 (3) 5 (1) 1 (2) 3 (4) 3 (2) Indiabulls Short Term Fund 5 (5) 5 3 (3) 2 5 (5) 5 5 (5) 4 (5) 4 (4) 5 (4) 4 (4) LIC MF Savings Plus Fund 5 (4) 4 3 (3) 3 3 (3) 3 4 (4) 5 (4) 3 (3) 2 (2) 3 (4) Sundaram Income Plus 5 3 5 2 3 3 4 4 4 3 4 Figures in bracket indicate the previous quarter rank.

0% 5.Treasury Plan 3 (3) 3 2 (3) 2 3 (3) 3 3 (3) 1 (1) 3 (3) 3 (3) Reliance Liquidity Fund 3 (4) 3 3 (3) 3 3 (2) 3 3 (3) 1 (5) 4 (3) 3 (3) Sundaram Money Fund 3 (2) 3 3 (4) 3 2 (2) 2 3 (3) 1 (3) 3 (3) 3 (2) Tata Liquid Fund 3 (3) 3 4 (4) 4 3 (3) 3 1 (1) 1 (3) 3 (2) 3 (3) UTI Liquid Cash Plan 3 (3) 3 3 (3) 4 3 (4) 3 4 (4) 1 (3) 3 (3) 2 (3) Birla Sun Life Cash Plus 4 (4) 4 3 (2) 3 5 (4) 5 3 (3) 3 (4) 4 (4) 4 (5) IDBI Liquid Fund 4 (3) 4 4 (4) 4 3 (2) 3 2 (2) 4 (3) 3 (3) 4 (4) Kotak Floater .Savings 3 (3) 3 5 (5) 3 4 (3) 4 2 (3) 4 (3) 3 (2) 3 (3) Plan HDFC Liquid Fund 3 (3) 3 4 (4) 4 4 (3) 4 3 (4) 3 (1) 2 (2) 2 (3) ICICI Prudential Liquid Plan 3 (1) 3 3 (2) 3 4 (4) 4 2 (2) 4 (1) 2 (1) 3 (3) ICICI Prudential Money Market Fund 3 (2) 3 3 (2) 2 4 (3) 4 4 (3) 3 (1) 2 (1) 4 (4) Invesco India Liquid Fund 3 (2) 3 2 (3) 2 2 (1) 2 3 (3) 3 (1) 4 (4) 3 (3) Reliance Liquid Fund .Cash Plan 5 (5) 4 5 (5) 3 5 (5) 5 4 (5) 3 (4) 3 (3) 3 (4) Figures in bracket indicate the previous quarter rank.0% 10.Liquid funds (Cluster ranks are arranged alphabetically) Exposure Mar 17 Mar 17 Mean Mean Volatility Volatility to Company Asset Liquid funds Rank Rank Return Return Liquidity Regular Direct Sensitive Concentration Quality Regular Direct Regular Direct Sector Weightages 50.Short Term 4 (4) 5 2 (2) 2 3 (3) 3 5 (4) 3 (1) 4 (3) 4 (4) SBI Magnum InstaCash 4 (4) 4 3 (3) 3 2 (3) 2 4 (4) 5 (4) 3 (5) 4 (4) SBI Premier Liquid Fund 4 (3) 4 4 (4) 5 1 (4) 1 4 (2) 4 (1) 4 (3) 4 (3) Union Liquid Fund 4 (4) 4 5 (5) 5 3 (3) 3 3 (3) 4 (5) 3 (4) 3 (2) UTI Money Market Fund 4 (4) 4 3 (3) 2 4 (4) 3 5 (4) 3 (4) 3 (4) 5 (5) Birla Sun Life Floating Rate Fund .0% Indiabulls Liquid Fund 1 (1) 1 1 (1) 1 1 (3) 2 2 (2) 1 (1) 5 (4) 1 (1) JM High Liquidity Fund 1 (1) 1 1 (1) 1 2 (2) 2 2 (1) 3 (1) 1 (2) 1 (1) LIC MF Liquid Fund 1 (2) 1 4 (4) 3 3 (2) 3 3 (3) 1 (1) 4 (4) 2 (2) Axis Liquid Fund 2 (3) 2 2 (3) 2 2 (1) 1 3 (4) 1 (1) 2 (3) 3 (3) Baroda Pioneer Liquid Fund 2 (3) 2 2 (2) 1 3 (5) 3 3 (5) 3 (4) 1 (1) 3 (2) HSBC Cash Fund 2 (2) 3 3 (3) 4 2 (2) 3 1 (1) 3 (1) 3 (2) 3 (3) IDFC Cash Fund 2 (3) 2 4 (4) 4 2 (3) 3 3 (3) 4 (1) 1 (3) 2 (2) Kotak Liquid 2 (3) 2 3 (3) 4 4 (4) 4 4 (4) 3 (4) 2 (2) 1 (1) L&T Liquid Fund 2 (2) 2 3 (3) 3 3 (3) 3 4 (2) 1 (3) 2 (3) 2 (2) Tata Money Market Fund 2 (3) 2 2 (3) 3 3 (2) 2 1 (3) 1 (3) 2 (3) 2 (3) Canara Robeco Liquid 3 3 4 5 1 1 3 5 3 2 DHFL Pramerica Insta Cash Plus Fund 3 (3) 3 2 (2) 3 3 (3) 4 1 (2) 3 (4) 3 (2) 4 (4) DSP BlackRock Liquidity Fund 3 (2) 2 3 (3) 3 3 (3) 2 2 (2) 1 (1) 4 (3) 3 (2) HDFC Cash Management Fund . Direct plans ranking have been introduced this quarter.Short 5 (5) 5 1 (2) 2 5 (4) 5 5 (5) 5 (3) 5 (5) 5 (5) Term Franklin India Treasury Management 5 (4) 5 3 (3) 3 4 (5) 4 3 (3) 4 (3) 5 (4) 5 (3) Account Reliance Liquid Fund .0% 10.0% 5. 21 .0% 20.

of shares held / Daily categories (liquid. 27.CRISIL Mutual Fund Ranking methodology CRISIL Mutual Fund Ranking is the relative ranking of mutual follows: 32. the company Ranking is based on the following parameters: concentration is analysed at an individual issuer specific limit. respectively. ultra short-term debt and short term average trading volume of past six months income) and credit opportunities funds.Annexure I . The basic criteria for inclusion in the ranking universe are three-year NAV history Portfolio Concentration Analysis (one-year for liquid. Mean Return and Volatility In case of equities.5%. equity diversified. 27. The lower the score. diversity score is used in excess of category cut-off limits and complete portfolio as the parameter to measure industry and company disclosure. average portfolio liquidity score of the past three months. Liquidity is calculated by taking the parameters in case of equity funds (large cap. 27. CRISIL’s assessment of IRS quantifies the credit risk Superior Return Score (SRS) associated with an industry on a uniform scale to ensure SRS is the relative measure of the schemes’ returns and risk comparability across industries. concentration. cap. equity linked savings schemes or Equity liquidity is computed as follows: ELSS and thematic infrastructure).5% and 17. 18 and 9 and number of securities in the portfolio. the number of days months for equity categories and latest 12. In case of debt schemes.5%. ultra-short term debt.5% and 17. credit oriented funds and assets under management diversification. credit oriented. For equity securities. Each period is assigned a latest three-month period for that security. the better it is.5%. Each period has a progressive weight starting Liquidity Analysis from the longest period: 32. it measures the number of days to Mean return and volatility are considered as separate liquidate the portfolio. While the period for analysis is three years for equity funds. The limit is linked with the credit rating of the issuer. Only open ended schemes are considered. short term Concentration measures the risk arising out of improper income. 18 and 9 months. Category-wise average AUM cut-off: high rated issuer will have higher limits and as the rating Schemes falling under 98 percentile of the category AUM are declines the limit is also reduced progressively. 22.5% It measures the ease with which a portfolio can be liquidated. fund schemes within a peer group. progressive weight starting from the longest period as 22 .5%. balanced. the industry concentration is ● Schemes meeting inception criteria are eligible schemes analysed for any exposure to sensitive sectors which are arrived based on Industry Risk Score (IRS) for various sectors. small & mid. divided into four overlapping periods – the latest 36. Mean return is the average of daily returns based on the scheme’s NAV for the Portfolio liquidity score = Weighted average liquidity score of period under analysis and volatility is the standard deviation the above of these returns. The score captures the (volatility) compared with their peer group. The period of will take to liquidate the portfolio based on turnover (volume) analysis is broken into four periods (latest 36. shortlisted Exposure to Sensitive Sector ● Quarterly average AUM is considered In case of debt schemes. monthly income plan (aggressive) and long ability of companies in a particular sector over a 3-4 year term gilt categories.5% respectively. 27. short term debt Liquidity score of each stock = No. 22. ultra Gilt liquidity is measured by analysing the number of days it short-term debt and short term income funds. it is one year for liquid. 9. It is computed for influence of various industry variables on the debt repayment income. The three-year period of evaluation is time horizon. 6 and 3 months security has been traded and the number of trades over the for short term categories).

estimation of the variability in an index fund’s performance vis-à-vis the index it proposes to replicate. The tracking error is an time. 23 . The lower the tracking error. debt categories except liquid to capture the interest rate risk of the portfolio. semi liquid and illiquid Modified duration / average maturity is considered across all .liquid. the better it is. Asset Quality Asset quality measures the probability of default by the Tracking Error issuer of a debt security to honour the debt obligation on This is used only for index funds. the better it is.Corporate debt liquidity is computed by classifying each Modified Duration /Average Maturity security into three categories .and then evaluating a scheme’s exposure to each category. The lower the value.

Schemes with fund. the fund will be classified as a a specific set of investors.Annexure II . Exposure (ETFs) are also included. subject to tracking each. between 0 and 100%). For small & mid cap average exposure in large cap the following features are excluded . and are aimed to enable investors to avail tax portfolios from the fund house.Category definition for CRISIL Mutual Fund Ranking categories Only open-ended schemes that are open for subscription are midcap category in only 1 out of 4 buckets will be further eligible for the selection criteria under the following evaluated. All remaining eligible equity schemes are ranked under this category. ● Funds failing to meet the criteria of large cap or small & 24 . If 1. stocks will be computed with top 100 stocks (as per market cap) for that bucket and if the exposure is less ● Schemes not open to investors at large and open only to than or equal to 45%. the above methodology. 1e) Diversified equity funds categories . The 75% exposure in these stocks must be available for errors are considered. assuring predominant 1d) ELSS investment in equity. categories: ● Average exposure in large cap stocks will be computed with top 110 stocks (as per market cap) for that bucket. the fund will be classified as a large Cap (excluding hybrid schemes) are considered. Equity funds average exposure to large cap stocks is greater than or Schemes that predominantly invest in equity instruments equal to 75%. deduction under Section 80 C of the Income Tax Act are ● Schemes with a stated objective to predominantly invest considered. The following will be excluded: 1b) Small and mid-cap-oriented equity funds ● Index schemes that allow the fund manager to take Schemes that have less than 45% exposure to CRISIL- overweight investment positions on stocks that comprise defined large cap stocks for the preceding 36 months as per their benchmark index. 1a) Large cap-oriented equity funds Schemes that have at least 75% exposure to CRISIL-defined 1f) Index funds large cap stocks (top 100 stocks based on daily average Schemes launched with an objective to generate returns that market capitalisation on the National Stock Exchange) in the are commensurate with the performance of their preceding 36 months split into four blocks of nine months benchmark’s Total Return Index (TRI). to Nifty futures is considered as large cap exposure. ● Index schemes that are benchmarked to indices other Second level test for large-cap and small & midcap funds than S&P BSE Sensex and Nifty 50. small & mid cap fund ● Schemes whose scheme information document / 1c) Thematic – infrastructure funds statement of additional information permits dynamic Schemes that follow an investment objective to invest in asset allocations (both debt and equity could vary infrastructure related sectors. in overseas securities. Schemes that invest in equity and equity-related ● Schemes for which there is a delay in receipt of instruments. Open-ended exchange traded funds a minimum of six out of nine months in each block. except on receipt of an undertaking from the AMC. Eligible schemes are classified into the following sub.

Schemes that predominantly invest in short term corporate 2b) Monthly income plan (MIP) . pension. ● Central and state government securities Maximum number of Upper limit Lower limit ● Cash and cash equivalents such as collateralised Category times limit can be (modified (modified borrowing and lending obligations (CBLOs). Hybrid funds 3d) Short term income funds 2a) Balanced funds Schemes that predominantly invest in short term corporate debt papers. 25 . but less than 80%. charity and retirement 3e) Ultra short-term debt funds are not considered.5 0. ● Funds which do not fit into any criteria will be scrutinized by the internal criteria committee on case-by-case basis 3c) Credit Opportunities funds 3f) Liquid funds Schemes that predominately invest in sub-AAA rated Schemes whose portfolio constitutes money market securities and have a residual maturity of greater than six instruments and short-term debt instruments with a residual months are considered. certificates of deposit (CDs). money market Schemes investing more than 65%. young citizens. The average AUM in equity securities and 20-35% in debt and money portfolio modified duration over the last one year must be market securities are considered. money market instruments and G-Secs are considered. Speciality schemes with less than 3 years. 0 out of last 12 1. unit-linked insurance. Second level test for short term income and ultra short-term 3.Aggressive debt papers. Debt funds debt funds: 3a) Long term gilt funds ● An additional check will be made to identify funds which Schemes with an exposure in excess of 98% over the past keep duration at a very wide deviation from its category three years to the following are considered for ranking: definition over some months but still manage to keep the average in line of the category. the above asset allocation focusing on children. of the instruments and G-Secs are considered. Short term 2 out of last 12 3b) Income funds 3. breached duration) duration) net receivables.80 income months Schemes that predominantly invest in long term corporate Ultra short.25 years. maturity of up to 91 days are considered. The average Schemes where investment in equity normally limits to 15- portfolio modified duration over the last one year must be 30% of the corpus and generally declare monthly dividends less than 1. These schemes also invest in short term and money market securities.5 NA debt papers and government securities (G-Secs) are term debt months considered. etc. are considered.2. certificates of deposit (CDs). reverse repo.

. 17. .5 . 10 10 10 10 Tracking Error (%) . . 10 5 . . Diversified. . 75 60 75 60 .5%*K . . . An entity wishing to use the CRISIL Mutual Fund Ranking in its prospectus / offer document / advertisement / promotion/ sales literature. . 5 5 . 15 7. 5 10 5 5 5 5 - 3 3 3 3 3 1 1 1 1 Time Period 3 years years years years years years year year year year K = Equity component in hybrid schemes * Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio Note: While the above classification will be the guide in selection and creation of peers for the purpose of ranking. .Parametric Weights Large Cap. Infra Gilt Income and ELSS Superior Return Score (%) . . . . may do so only after obtaining the written permission of the ranking entity. . 10%*K 7. 5 5 5 5 5 Sensitive Sector (%)* Equity . . 50 50 50 50 Volatility (%) 25 . or wishing to re-disseminate these rankings. .Asset Quality (%) . - Company Concentration (%) 5 . Ultra Short Category Small & Index Balanced Term Income CROP Term Liquid Aggressive Term Debt Midcap.5 15 15 15 20 (100-K) (100-K) Modified Duration (%) . 17. CRISIL will be free to take a subjective call on the inclusion/exclusion of a scheme from among the peers in a ranking category. 100 . 26 .Liquidity (%) 5 . .5%* Debt Liquidity (%) . Long Short MIP . . CRISIL Limited. . 5 5 5 5 5 Industry Concentration / Exposure to 10 . . - 5%* Debt .5 10 10 10 10 (100-K) 5%* 7. - Mean Return (%) 55 . . . . . . . CRISIL Research.

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