Crisil PDF

CRISIL Mutual Fund Ranking
For the quarter ended September 2019

Table of contents
Large Cap funds...................................................................................................................................................... 3
Large & Mid Cap funds ........................................................................................................................................... 4
Multi Cap funds ....................................................................................................................................................... 5
Mid Cap funds ......................................................................................................................................................... 6
Small Cap funds ...................................................................................................................................................... 7
Value / Contra funds ............................................................................................................................................... 8
Focused funds ........................................................................................................................................................ 9
Thematic - Infrastructure funds........................................................................................................................... 10
Equity Linked Savings Scheme (ELSS) .............................................................................................................. 11
Index funds ............................................................................................................................................................ 12
Aggressive Hybrid funds ..................................................................................................................................... 13
Conservative Hybrid funds .................................................................................................................................. 14
Arbitrage funds ..................................................................................................................................................... 15
Gilt funds ............................................................................................................................................................... 16
Banking and PSU funds ....................................................................................................................................... 17
Credit Risk funds .................................................................................................................................................. 18
Corporate Bond funds .......................................................................................................................................... 19
Dynamic Bond funds ............................................................................................................................................ 20
Medium to Long Duration funds ......................................................................................................................... 21
Medium Duration funds ........................................................................................................................................ 22
Short Duration funds ............................................................................................................................................ 23
Money Market funds ............................................................................................................................................. 24
Low Duration funds .............................................................................................................................................. 25
Ultra Short Duration funds ................................................................................................................................... 26
Liquid funds .......................................................................................................................................................... 27
Annexure I – Selection criteria for schemes in CMFR ...................................................................................... 28
Annexure II – CRISIL Mutual Fund Ranking – Methodology ............................................................................ 29
Annexure III – Exclusion list ................................................................................................................................ 33
Click on the respective category to view the rankings
2
Large Cap funds (Cluster ranks are arranged alphabetically)
Sep - 19 Sep - 19 Active Active

Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
Axis Bluechip Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 4 (3)
BNP Paribas Large Cap

1 (3) 1 (3) 1 (3) 1 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)
Fund
Canara Robeco Bluechip
1 (1) 1 (1) 1 (2) 1 (2) 3 (2) 3 (3) 3 (2) 3 (3) 2 (2)
Equity Fund
Edelweiss Large Cap

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 1 (1) 3 (2)
Fund
HSBC Large Cap Equity

2 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 4 (5) 5 (4) 3 (2)
Fund
L&T India Large Cap

2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3)
Fund
LIC MF Large Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2)
Mirae Asset Large Cap

2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 3 (4) 2 (1) 1 (1) 4 (4)
Fund
Baroda Large Cap Fund 3 3 3 4 4 4 2 3 1

ICICI Prudential
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2) 4 (4)
Bluechip Fund
IDFC Large Cap 3 (4) 3 (4) 3 (4) 3 (4) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3)
Indiabulls Bluechip Fund 3 (2) 2 (2) 3 (2) 3 (2) 4 (4) 4 (4) 5 (5) 4 (4) 1 (1)
Invesco India Largecap

3 (3) 3 (3) 4 (3) 3 (3) 1 (3) 1 (2) 2 (2) 5 (5) 2 (2)
Fund
JM Large Cap Fund 3 (4) 3 (4) 5 (5) 5 (5) 1 (1) 1 (1) 4 (3) 2 (1) 3 (3)
Kotak Bluechip Fund 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
PGIM India Large Cap
3 (3) 3 (3) 3 (3) 2 (3) 2 (1) 2 (1) 5 (5) 5 (5) 3 (3)
Fund
SBI Blue Chip Fund 3 (3) 4 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 1 (2) 5 (5)
Tata Large Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 4 (5) 3 (3)
UTI Mastershare Unit
3 (3) 3 (4) 3 (4) 4 (4) 2 (2) 2 (2) 1 (3) 2 (3) 4 (4)
Scheme
DSP Top 100 Equity
4 (3) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 5 (4) 4 (4) 3 (3)
Fund
Essel Large Cap Equity

4 (4) 3 (3) 4 (4) 3 (4) 4 (4) 4 (4) 3 (4) 3 (3) 2 (1)
Fund
HDFC Top 100 Fund 4 (1) 4 (1) 3 (1) 3 (1) 5 (5) 5 (5) 3 (3) 3 (3) 4 (4)
IDBI India Top 100

4 (5) 4 (5) 4 (4) 4 (4) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3)
Equity Fund
Nippon India Large Cap

4 (2) 4 (2) 4 (1) 4 (1) 5 (5) 5 (5) 1 (1) 3 (3) 5 (5)
Fund
Aditya Birla Sun Life

5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 2 (2) 5 (5)
Frontline Equity Fund
Franklin India Bluechip

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 1 (1) 3 (2) 3 (4)
Fund
Taurus Largecap Equity

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1)
Fund
Figures in brackets indicate previous quarter ranks
3
Large & Mid Cap funds (Cluster ranks are arranged alphabetically)

Large & Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Invesco India Growth

1 (2) 1 (2) 2 (2) 1 (2) 2 (2) 2 (2) 2 (3) 3 (3) 3 (2)
Opportunities Fund
Mirae Asset Emerging

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 2 (2) 4 (4)
Bluechip Fund
Edelweiss Large and Mid

2 (2) 2 (2) 2 (3) 3 (3) 1 (1) 1 (1) 4 (4) 4 (3) 2 (1)
Cap Fund
Essel Large & Midcap
2 (2) 2 (1) 2 (2) 2 (1) 2 (2) 2 (2) 5 (5) 3 (3) 1 (2)
Fund
Sundaram Large and Mid

2 (1) 2 (2) 1 (1) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Cap Fund
Tata Large & Mid Cap

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 5 (4) 3 (3)
Fund
Canara Robeco
3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4)
Emerging Equities
DSP Equity Opportunities
3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (4) 5 (4)
Fund
HDFC Growth
3 (3) 4 (3) 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 5 (5) 2 (2)
Opportunities Fund
ICICI Prudential Large &
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3)
Mid Cap Fund
IDFC Core Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Kotak Equity
3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 4 (4) 4 (4)
Opportunities Fund
LIC MF Large & Mid Cap
3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 2 (3) 4 (4) 3 (3) 2 (2)
Fund
Principal Emerging
3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (1) 3 (3)
Bluechip Fund
SBI Large & Midcap
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 5 (5)
Fund

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 4 (4) 3 (3)
Equity Advantage Fund
BOI AXA Large & Mid

4 (4) 3 (4) 4 (5) 4 (5) 5 (5) 5 (5) 3 (3) 2 (1) 1 (1)
Cap Equity Fund
Franklin India Equity

4 (4) 4 (4) 4 (4) 4 (4) 3 (2) 3 (2) 2 (2) 3 (3) 3 (3)
Advantage Fund
L&T Large and Midcap

4 (5) 4 (5) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)
Fund
Nippon India Vision Fund 5 (5) 5 (5) 5 (4) 5 (4) 5 (5) 5 (5) 2 (3) 3 (5) 4 (5)
UTI Core Equity Fund 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 3 (3) 3 (2) 1 (2) 2 (3)
4
Multi Cap funds (Cluster ranks are arranged alphabetically)

Multi Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Canara Robeco Equity

1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 3 (2) 3 (3) 2 (3)
Diversified
DSP Equity Fund 1 (2) 1 (2) 1 (2) 1 (2) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3)
JM Multicap Fund 1 (3) 1 (2) 1 (3) 1 (3) 3 (3) 3 (3) 5 (3) 5 (2) 1 (1)
Edelweiss Multi-Cap
2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (2) 2 (2)
Fund
Kotak Standard Multicap
2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 3 (4) 2 (3) 4 (4)
Fund
LIC MF Multicap Fund 2 (4) 2 (4) 2 (4) 2 (4) 2 (3) 2 (3) 3 (3) 2 (3) 1 (1)
SBI Magnum MultiCap

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (5)
Fund
UTI Equity Fund 2 (2) 2 (3) 2 (2) 2 (3) 1 (1) 1 (1) 3 (3) 2 (2) 5 (4)

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (4) 3 (3)
Equity Fund
BNP Paribas Multi Cap

3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (4) 4 (4) 3 (3)
Fund
HDFC Equity Fund 3 (1) 3 (1) 3 (1) 3 (1) 5 (5) 5 (5) 4 (5) 5 (5) 4 (4)
ICICI Prudential Multicap

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 1 (1) 3 (3)
Fund
IDBI Diversified Equity

3 (5) 3 (4) 4 (5) 3 (4) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3)
Fund
IDFC Multi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 3 (2) 3 (2) 4 (3) 2 (2) 5 (5)
Motilal Oswal Multicap
3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 5 (5) 4 (5) 4 (4)
35 Fund
PGIM India Diversified

3 (3) 3 (3) 3 (3) 3 (2) 4 (3) 4 (3) 2 (4) 3 (4) 3 (2)
Equity Fund
Union Multi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1)
Baroda Multi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Franklin India Equity

4 (4) 4 (4) 5 (4) 5 (4) 3 (2) 3 (2) 1 (1) 3 (3) 4 (4)
Fund
Invesco India Multicap

4 (5) 4 (5) 4 (5) 4 (5) 3 (4) 3 (4) 2 (2) 3 (3) 3 (3)
Fund
L&T Equity Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (3) 2 (3) 3 (2) 3 (3) 3 (3)
Nippon India Multicap

4 (2) 4 (2) 3 (2) 4 (2) 5 (5) 5 (5) 2 (3) 4 (4) 5 (5)
Fund
HSBC Multi Cap Equity

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2)
Fund
Principal Multi Cap

5 (3) 5 (3) 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 1 (1) 3 (3)
Growth Fund
Taurus Starshare (Multi

5 (4) 5 (5) 5 (4) 5 (5) 3 (3) 3 (3) 4 (3) 4 (3) 2 (2)
Cap) Fund
5
Mid Cap funds (Cluster ranks are arranged alphabetically)

Mid Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Midcap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 4 (4) 3 (3)
Tata Mid Cap Growth

1 (1) 2 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2)
Fund
DSP Midcap Fund 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 3 (3) 4 (4)
Franklin India Prima

2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (2) 2 (2) 3 (3)
Fund
Invesco India Mid Cap
2 (2) 1 (2) 2 (2) 2 (2) 2 (3) 2 (3) 3 (3) 4 (3) 2 (2)
Fund
Kotak Emerging Equity 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 4 (4)
BNP Paribas Mid Cap

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3)
Fund
Edelweiss Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 3 (4) 3 (3) 3 (2)
HDFC Mid-Cap
3 (3) 4 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 2 (2) 5 (5)
Opportunities Fund
ICICI Prudential MidCap

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 3 (2) 3 (3)
Fund
L&T Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (2) 1 (1) 3 (3)
Motilal Oswal Midcap 30

3 (4) 3 (4) 2 (3) 2 (3) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3)
Fund
Nippon India Growth

3 (2) 3 (2) 3 (2) 3 (2) 3 (4) 3 (4) 3 (3) 2 (2) 4 (4)
Fund
Taurus Discovery
3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 1 (1) 1 (1)
(Midcap) Fund
Baroda Mid-cap Fund 4 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (2) 4 (5) 1 (1)
PGIM India Midcap

4 (5) 4 (4) 5 (5) 4 (5) 4 (4) 4 (4) 2 (3) 3 (4) 2 (2)
Opportunities Fund
Sundaram Mid Cap

4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 5 (5)
Fund
UTI Mid Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3)

5 (4) 5 (5) 4 (4) 5 (4) 4 (4) 4 (4) 3 (4) 3 (3) 3 (3)
Midcap Fund
SBI Magnum Midcap
5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 4 (3) 5 (4) 4 (4)
Fund
6
Small Cap funds (Cluster ranks are arranged alphabetically)
Sep - 19 Sep - 19 Mean Mean

Small Cap funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Axis Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 4 (5) 5 (5) 2 (2)
HDFC Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 1 (2) 2 (3) 4 (3)
SBI Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 5 (4) 4 (4) 5 (5)
DSP Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 3 (3) 3 (4)
Franklin India Smaller

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2) 3 (3)
Companies Fund
Kotak Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)
L&T Emerging
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)
Businesses Fund
Nippon India Small Cap

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3)
Fund
Union Small Cap Fund 3 (3) 3 (4) 3 (4) 3 (5) 3 (3) 3 (3) 4 (3) 3 (3) 1 (1)

4 (4) 4 (4) 4 (5) 4 (4) 4 (4) 4 (4) 2 (3) 3 (3) 3 (3)
Small Cap Fund
HSBC Small Cap Equity

4 (4) 4 (3) 4 (3) 4 (3) 5 (5) 5 (5) 3 (4) 3 (3) 2 (2)
Fund
Sundaram Small Cap

5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 4 (4) 3 (3)
Fund
7
Value / Contra funds (Cluster ranks are arranged alphabetically)

Value / Contra funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%
Kotak India EQ Contra

1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 3 (3) 2 (2)
Fund
Invesco India Contra

2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)
Fund
Nippon India Value

2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3)
Fund
UTI Value Opportunities

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 2 (2)
Fund
HDFC Capital Builder

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 4 (3) 3 (3) 4 (4)
Value Fund
ICICI Prudential Value
3 (3) 3 (3) 3 (4) 3 (4) 1 (1) 1 (1) 2 (2) 4 (4) 3 (3)
Discovery Fund
L&T India Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3)
Quantum Long Term
NA 3 (3) NA 3 (3) NA 2 (2) 3 (3) 5 (4) 2 (2)
Equity Value Fund *
SBI Contra Fund 3 (4) 4 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (2) 2 (2) 4 (5)
Tata Equity PE Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (4) 3 (3)
IDFC Sterling Value
4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 1 (1) 5 (4)
Fund
Indiabulls Value Fund 4 (4) 4 (4) 4 (5) 4 (4) 3 (3) 3 (3) 2 (4) 3 (5) 1 (1)
Templeton India Value

4 (4) 3 (4) 4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Fund
5 (5) 5 (5) 5 (4) 5 (5) 5 (5) 5 (5) 1 (1) 2 (2) 4 (4)
Pure Value Fund
* As regular plan of the Quantum Long Term Equity Fund has not completed three years, only direct plan is ranked.
8
Focused funds (Cluster ranks are arranged alphabetically)

Focused funds Rank Rank Return Return Liquidity
Weightages 55% 25% 10% 5% 5%

IIFL Focused Equity
1 (2) 1 (2) 1 (2) 1 (1) 4 (4) 4 (4) 3 (3) 2 (2) 2 (3)
Fund
Axis Focused 25 Fund 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (5) 4 (4) 3 (3)
SBI Focused Equity

2 (1) 2 (1) 2 (1) 2 (2) 1 (2) 1 (2) 3 (3) 1 (1) 5 (5)
Fund
Sundaram Select Focus 2 (2) 2 (2) 2 (2) 2 (2) 2 (1) 2 (1) 4 (4) 3 (3) 2 (2)

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Focused Equity Fund
DSP Focus Fund 3 (3) 3 (4) 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 3 (3)
Franklin India Focused

3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (2) 3 (2) 4 (4)
Equity Fund
JM Core 11 Fund 3 (2) 3 (2) 3 (3) 3 (3) 5 (5) 5 (5) 2 (2) 5 (5) 1 (1)
Motilal Oswal Focused
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 4 (3) 3 (3)
25 Fund
Principal Focused
3 (3) 3 (3) 3 (3) 3 (4) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2)
Multicap Fund
ICICI Prudential
4 (4) 4 (4) 4 (5) 4 (5) 2 (2) 2 (2) 1 (1) 3 (4) 3 (2)
Focused Equity Fund
IDFC Focused Equity
4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4)
Fund
Nippon India Focused

4 (4) 4 (3) 4 (4) 4 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4)
Equity Fund
HDFC Focused 30
5 (5) 5 (5) 5 (4) 5 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3)
Fund
9
Thematic - Infrastructure funds (Cluster ranks are arranged alphabetically)

Thematic - Volatility Volatility Industry Company
Rank Rank Return Return Liquidity
Infrastructure funds - Reg - Dir Concentration Concentration
Weightages 55% 25% 10% 5% 5%
Invesco India
1 (2) 1 (2) 2 (3) 2 (3) 1 (1) 1 (1) 3 (3) 4 (3) 1 (1)
Infrastructure Fund
LIC MF Infrastructure
1 (1) 1 (1) 1 (2) 2 (2) 1 (1) 1 (1) 2 (2) 5 (5) 1 (1)
Fund
DSP India T.I.G.E.R.

2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 2 (2) 3 (4)
Fund
Franklin Build India

2 (1) 2 (1) 2 (1) 1 (1) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3)
Fund
SBI Infrastructure Fund 2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (2) 5 (5) 4 (4)
Tata Infrastructure
2 (2) 3 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4) 3 (3)
Fund
BOI AXA
Manufacturing & 3 (3) 3 (3) 3 (4) 3 (4) 3 (4) 3 (4) 3 (1) 1 (1) 2 (2)
Infrastructure Fund
Canara Robeco
3 (3) 3 (3) 4 (3) 4 (4) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2)
Infrastructure Fund
ICICI Prudential
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 3 (4) 3 (3)
Infrastructure Fund
Kotak Infrastructure
and Economic Reform 3 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 2 (2) 3 (3)
Fund
Sundaram
Infrastructure 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 2 (2) 4 (4)
Advantage Fund
UTI Infrastructure Fund 3 (2) 3 (2) 3 (2) 3 (2) 4 (3) 4 (3) 1 (2) 3 (3) 2 (2)
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3)
Infrastructure Fund
IDFC Infrastructure
4 (4) 4 (4) 4 (4) 4 (3) 4 (4) 4 (4) 4 (5) 3 (3) 4 (3)
Fund
L&T Infrastructure
4 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 4 (4) 2 (2) 5 (5)
Fund
Nippon India Power &
4 (4) 4 (4) 4 (3) 4 (3) 4 (4) 4 (4) 5 (5) 4 (4) 5 (5)
Infra Fund
HDFC Infrastructure
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (4) 4 (4) 4 (4)
Fund
HSBC Infrastructure
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (3) 2 (2)
Equity Fund
10
Equity Linked Savings Scheme (ELSS) (Cluster ranks are arranged alphabetically)

Equity Linked Savings Volatility Volatility Industry Company
Rank Rank Return Return Liquidity
Scheme (ELSS) - Reg - Dir Concentration Concentration
Weightages 55% 25% 10% 5% 5%
Axis Long Term Equity Fund 1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 4 (5) 5 (5) 5 (5)
JM Tax Gain Fund 1 (1) 1 (1) 1 (2) 1 (2) 5 (4) 5 (4) 3 (4) 4 (4) 1 (1)
Mirae Asset Tax Saver Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3)
BNP Paribas Long Term Equity
2 (3) 2 (3) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3)
Fund
Canara Robeco Equity Tax

2 (1) 2 (1) 2 (1) 2 (1) 2 (3) 3 (3) 3 (2) 3 (3) 3 (3)
Saver
DSP Tax Saver Fund 2 (3) 2 (3) 2 (2) 2 (2) 3 (4) 3 (4) 2 (4) 2 (3) 3 (3)
Invesco India Tax Plan 2 (3) 2 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Kotak Tax Saver Scheme 2 (2) 2 (2) 2 (2) 3 (2) 3 (2) 3 (2) 1 (1) 3 (3) 3 (3)
LIC MF Tax Plan 1997 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 3 (3) 2 (2)
Aditya Birla Sun Life Tax Relief
3 (3) 3 (3) 3 (4) 3 (3) 1 (1) 1 (1) 1 (1) 4 (4) 5 (5)
96
BOI AXA Tax Advantage Fund 3 (4) 3 (3) 3 (4) 3 (3) 4 (5) 4 (5) 3 (2) 1 (2) 2 (2)
Edelweiss Long Term Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (2) 2 (1)
Fund (Tax Savings)
Essel Long Term Advantage

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 5 (4) 3 (3) 1 (2)
Fund
Franklin India Taxshield Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 2 (2) 3 (3) 3 (3)
ICICI Prudential Long Term

3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 2 (2) 4 (4)
Equity Fund (Tax Saving)
IDBI Equity Advantage Fund 3 (5) 3 (5) 3 (5) 3 (5) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
Motilal Oswal Long Term Equity

3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 5 (5) 5 (4) 3 (3)
Fund
PGIM India Long Term Equity

3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (2) 3 (3) 4 (4) 2 (2)
Fund
Tata India Tax Savings Fund 3 (2) 3 (2) 2 (2) 2 (2) 4 (3) 4 (4) 5 (5) 4 (4) 3 (3)
Taurus Taxshield 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 4 (3) 3 (2) 1 (1)
Union Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (4) 1 (2) 1 (2) 3 (3) 3 (3) 2 (2)
UTI Long Term Equity Fund (Tax

3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3)
Saving)
HSBC Tax Saver Equity Fund 4 (4) 4 (4) 4 (3) 3 (3) 5 (4) 5 (4) 4 (4) 4 (5) 2 (3)
IDFC Tax Advantage Fund 4 (3) 3 (3) 4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 1 (1) 4 (4)
L&T Tax Advantage Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (3) 2 (3) 3 (3) 2 (2) 4 (4)
Principal Tax Saving Fund 4 (3) 4 (3) 5 (3) 4 (3) 4 (4) 4 (5) 2 (2) 1 (1) 3 (3)
Quantum Tax Saving Fund NA 4 (3) NA 5 (4) NA 1 (1) 2 (2) 4 (3) 1 (1)
SBI Magnum Tax Gain Scheme 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4)
Sundaram Diversified Equity 4 (4) 4 (4) 4 (3) 4 (4) 3 (3) 3 (3) 3 (3) 2 (1) 4 (4)
Baroda ELSS - 96 5 (5) 5 (5) 5 (5) 5 (5) 3 (5) 3 (3) 3 (3) 3 (3) 3 (2)
HDFC Tax Saver Fund 5 (4) 5 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 5 (5) 4 (4)
Nippon India Tax Saver Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (3) 3 (3) 5 (5)
* As regular plan of the Quantum Tax Saving Fund has not completed three years, only direct plan is ranked.
11
Index funds (Cluster ranks are arranged alphabetically)
Sep - 19 Rank Sep - 19 Rank

Index funds
- Reg - Dir
Weightages
Kotak Nifty ETF 1 (1) 1 (1)
Nippon India ETF Nifty BeES 1 (2) 1 (2)
SBI - ETF Nifty 50 1 (1) 1 (1)
HDFC NIFTY 50 ETF 2 (2) 2 (2)
HDFC Sensex ETF 2 (2) 2 (2)
Nippon India ETF Sensex 2 (2) 2 (2)
SBI - ETF SENSEX 2 (1) 2 (1)
UTI NIFTY Exchange Traded Fund 2 (2) 2 (2)
UTI SENSEX Exchange Traded Fund 2 (3) 2 (3)
HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 (3) 3 (3)
ICICI Prudential Nifty ETF 3 (3) 3 (3)

ICICI Prudential Nifty Index Fund 3 (3) 3 (3)
IDBI Nifty Index Fund 3 (3) 3 (3)

IDFC Nifty Fund 3 (4) 4 (4)
Kotak Sensex ETF 3 (2) 3 (2)

LIC MF ETF - Nifty 50 3 (3) 3 (3)
LIC MF ETF - Sensex 3 (3) 3 (3)

Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)
Nippon India Index Fund - Nifty Plan 3 (5) 3 (5)
SBI Nifty Index Fund 3 (3) 3 (3)
Tata Index Fund - NIFTY 3 (3) 3 (3)
UTI Nifty Index Fund 3 (3) 3 (3)
Franklin India Index Fund - NSE Nifty Plan 4 (4) 4 (4)

ICICI Prudential Sensex ETF 4 (4) 4 (4)
LIC MF Index Fund - Nifty Plan 4 (4) 4 (4)
LIC MF Index Fund - Sensex Plan 4 (4) 3 (4)
Nippon India Index Fund - Sensex Plan 4 (4) 4 (4)
Tata Index Fund - SENSEX 4 4
Aditya Birla Sun Life Index Fund 5 (5) 5 (5)
Aditya Birla Sun Life Nifty ETF 5 (5) 5 (5)
Aditya Birla Sun Life SENSEX ETF 5 5
ETFs, which have only single option, have been ranked in both regular & direct categories
12
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Aggressive Hybrid Volatility Volatility Concentration / Company Debt Asset Debt Equity
Rank Rank Return Return
funds - Reg - Dir Exposure to Concentration Quality Liquidity Liquidity
Sensitive Sector*
5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)
LIC MF Equity
1 (3) 2 (3) 2 (3) 2 (3) 2 (4) 3 (4) 3 (4) 4 (4) 2 (2) 2 (1) 2 (1)
Hybrid Fund
SBI Equity Hybrid

1 (2) 2 (2) 1 (1) 1 (2) 1 (2) 1 (2) 5 (5) 2 (3) 3 (3) 3 (3) 5 (5)
Fund
Canara Robeco
2 (1) 1 (1) 2 (2) 2 (1) 1 (2) 2 (2) 2 (2) 1 (1) 1 (1) 1 (2) 3 (3)
Equity Hybrid Fund
Mirae Asset Hybrid
2 (1) 1 (1) 2 (1) 1 (1) 4 (4) 4 (4) 3 (2) 3 (2) 1 (1) 1 (1) 2 (2)
- Equity
Shriram Hybrid
2 (2) 2 (2) 3 (3) 3 (3) 2 (1) 1 (1) 3 (3) 2 (3) 2 (2) 3 (2) 1 (1)
Equity Fund
Sundaram Equity
2 (2) 2 (2) 2 (2) 2 (2) 2 (1) 2 (1) 4 (4) 3 (4) 3 (3) 3 (3) 3 (2)
Hybrid Fund
DSP Equity & Bond
3 (3) 3 (3) 1 (3) 2 (3) 4 (5) 4 (5) 4 (3) 3 (2) 3 (3) 2 (2) 4 (4)
Fund
Franklin India
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 3 (2) 3 (3) 5 (5) 2 (2)
Equity Hybrid Fund
HDFC Hybrid
3 (2) 3 (3) 3 (2) 3 (2) 3 (2) 3 (2) 2 (2) 3 (3) 3 (2) 3 (3) 5 (5)
Equity Fund*
ICICI Prudential
3 (3) 3 (2) 3 (2) 3 (2) 4 (4) 4 (4) 1 (1) 3 (3) 3 (3) 4 (4) 4 (4)
Equity & Debt Fund
Kotak Equity
3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 3 (3) 4 (3)
Hybrid
L&T Hybrid Equity

3 (4) 4 (4) 3 (4) 4 (4) 3 (3) 3 (3) 3 (3) 4 (4) 2 (2) 2 (2) 3 (3)
Fund
PGIM India Hybrid

3 3 3 3 3 2 5 5 3 4 1
Equity Fund
Tata Hybrid Equity
3 (4) 3 (4) 3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 4 (5) 3 (4) 4 (4) 3 (3)
Fund
Aditya Birla Sun

Life Equity Hybrid 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 3 (3) 4 (3) 4 (4) 4 (4)
95 Fund
Baroda Hybrid
4 (4) 4 (4) 4 (5) 4 (5) 3 (4) 3 (4) 3 (5) 3 (3) 4 (5) 3 (3) 2 (2)
Equity Fund
Principal Hybrid
4 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (1) 4 (4) 2 (3) 3 (3)
Equity Fund
UTI Hybrid Equity

4 (5) 4 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (3) 2 (2) 5 (4) 3 (4) 3 (3)
Fund
BOI AXA Mid &

Small Cap Equity & 5 5 5 5 5 5 1 2 2 3 3
Debt Fund
Nippon India Equity

5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 3 (3) 5 (5) 5 (5) 5 (5) 3 (4)
Hybrid Fund
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
13
Conservative Hybrid funds (Cluster ranks are arranged alphabetically)
Industry
Sep - 19 Sep - 19 Mean Mean Debt
Conservative Volatility Volatility Concentration / Company Debt Equity Modified
Rank Rank Return Return Asset
Hybrid funds - Reg - Dir Exposure to Concentration Liquidity Liquidity Duration
- Reg - Dir - Reg - Dir Quality
Sensitive Sector*
7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)
Canara Robeco
Conservative 1 (1) 1 (1) 1 (1) 2 (2) 3 (3) 3 (3) 2 (3) 3 (3) 2 (2) 1 (2) 3 (4) 3 (4)
Hybrid Fund
LIC MF Debt
1 (1) 1 (1) 3 (3) 2 (3) 1 (1) 1 (1) 1 (1) 2 (1) 1 (1) 2 (1) 1 (1) 3 (3)
Hybrid Fund
BNP Paribas
Conservative 2 (3) 2 (2) 2 (2) 1 (1) 2 (2) 2 (2) 2 (2) 2 (2) 2 (3) 2 (2) 3 (2) 3 (3)
Hybrid Fund
HSBC Regular
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 5 (5)
Savings Plan
IDFC Regular
2 (2) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (3) 2 (2) 2 (2) 2 (2) 3 (3)
Savings Fund
Axis Regular
3 (4) 3 (4) 4 (4) 5 (4) 5 (4) 5 (4) 1 (1) 1 (4) 4 (4) 3 (3) 2 (2) 1 (1)
Saver Fund
Franklin India
Debt Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (4) 2 (3) 3 (3)
Fund
HDFC Hybrid
3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 4 (4)
Debt Fund
ICICI Prudential
Regular Savings 3 (2) 3 (3) 1 (1) 1 (1) 2 (2) 2 (2) 5 (5) 1 (1) 4 (3) 5 (5) 3 (3) 2 (2)
Fund
Kotak Debt
3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (4) 4 (3)
Hybrid
SBI Debt Hybrid

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (4) 5 (5) 4 (4)
Fund
Aditya Birla Sun

Life Regular 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 5 (3) 3 (3) 4 (3) 3 (3)
Savings Fund
Nippon India
Hybrid Bond 4 (4) 5 (4) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 5 (5) 1 (3) 2 (2)
Fund
UTI Regular
4 (3) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (2) 3 (4) 4 (4) 4 (3) 5 (5)
Savings Fund
BOI AXA
Conservative 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 5 (5) 3 (5) 4 (3) 3 (4) 1 (1)
Hybrid
DSP Regular
5 (4) 4 (3) 5 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 3 (2) 3 (3) 4 (3) 2 (3)
Savings Fund
K = Equity Component in Hybrid Funds
* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
14
Arbitrage funds (Cluster ranks are arranged alphabetically)
Sep - 19 Sep - 19 Mean Mean Count of Count of

Volatility Volatility
Arbitrage funds Rank Rank Return Return Negative Negative
- Reg - Dir
- Reg - Dir - Reg - Dir Returns - Reg Returns - Dir
Weightages 60% 25% 15%
DSP Arbitrage Fund 1 (2) 1 (2) 1 (1) 1 (1) 3 (4) 3 (4) 1 (2) 1 (3)
IDFC Arbitrage Fund 2 (1) 2 (1) 2 (2) 2 (2) 2 (2) 3 (2) 3 (3) 3 (3)
Kotak Equity Arbitrage Fund 2 (2) 3 (3) 3 (3) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3)
UTI Arbitrage Fund 2 (2) 2 (2) 3 (2) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2)
Edelweiss Arbitrage Fund 3 (3) 2 (3) 2 (3) 2 (2) 3 (3) 3 (3) 4 (4) 3 (4)
HDFC Arbitrage Fund 3 (3) 3 (3) 3 (4) 4 (3) 3 (2) 2 (2) 2 (2) 2 (2)
ICICI Prudential Equity - Arbitrage Fund 3 3 3 3 3 3 3 4

Invesco India Arbitrage Fund 3 (4) 3 (4) 4 (4) 3 (4) 1 (1) 1 (1) 3 (3) 3 (3)
Nippon India Arbitrage Fund 3 (3) 3 (2) 3 (2) 2 (2) 4 (3) 4 (3) 3 (3) 3 (2)
SBI Arbitrage Opportunities Fund 3 (3) 4 (3) 2 (3) 3 (3) 4 (3) 4 (3) 4 (4) 4 (4)
BOI AXA Arbitrage Fund 4 (4) 4 (4) 5 (5) 4 (4) 3 (4) 3 (4) 3 (3) 3 (3)
L&T Arbitrage Opportunities Fund 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1)
PGIM India Arbitrage Fund 4 (4) 4 (4) 4 (4) 4 (5) 4 (4) 4 (4) 5 (5) 5 (4)
JM Arbitrage Fund 5 (5) 5 (5) 4 (3) 5 (4) 5 (5) 5 (5) 4 (4) 4 (5)
15
Gilt funds (Cluster ranks are arranged alphabetically)
Sep - Sep -
Mean Mean
19 19 Volatility Volatility Modified
Gilt funds Return Return Liquidity
Rank Rank - Reg - Dir Duration
- Reg - Dir
- Reg - Dir
Weightages 50% 25% 10% 15%
Edelweiss Government Securities Fund 1 (1) 1 (2) 2 (2) 2 (2) 2 (2) 2 (2) 5 (5) 2 (2)
Nippon India Gilt Securities Fund 1 (2) 1 (2) 1 (1) 1 (1) 3 (4) 3 (4) 3 (4) 2 (3)
DSP Govt Sec Fund 2 (1) 2 (1) 2 (3) 2 (2) 3 (3) 3 (3) 4 (3) 2 (1)
IDFC G Sec Fund - Investment Plan 2 (3) 2 (3) 1 (1) 1 (1) 4 (3) 4 (3) 3 (4) 3 (3)
UTI Gilt Fund 2 (3) 3 (3) 2 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (4)
Aditya Birla Sun Life Government Securities Fund 3 (2) 2 (3) 3 (2) 3 (2) 4 (4) 4 (4) 2 (3) 3 (2)
Canara Robeco Gilt Fund 3 (3) 3 (3) 4 (4) 3 (4) 3 (3) 3 (3) 3 (5) 3 (2)
L&T Gilt 3 (3) 3 (1) 4 (4) 4 (4) 3 (3) 3 (3) 4 (2) 1 (1)
PGIM India Gilt Fund 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 3 (3)
SBI Magnum Gilt Fund 3 (3) 3 (4) 3 (2) 2 (3) 2 (2) 2 (2) 2 (4) 4 (5)
Franklin India Government Securities Fund 4 (5) 4 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (3) 1 (3)
HDFC Gilt Fund 4 (4) 4 (4) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 5 (5)
ICICI Prudential Gilt Fund 4 (4) 5 (5) 3 (4) 4 (4) 3 (3) 3 (3) 3 (2) 4 (4)
Kotak Gilt - Investment 5 (5) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (3) 4 (4)
Tata Gilt Securities Fund 5 (4) 5 (3) 4 (3) 4 (3) 5 (5) 5 (5) 5 (1) 5 (3)
16
Banking and PSU funds (Cluster ranks are arranged alphabetically)
Sep - 19 Sep - 19 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector
Weightages 50% 10% 5% 5% 10% 5% 15%
Edelweiss Banking and

1 (1) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 1 (4) 1 (1) 3 (3) 5 (5) 2 (3)
PSU Debt Fund
LIC MF Banking & PSU

1 (1) 1 (1) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 2 (1) 2 (2) 1 (1)
Debt
DSP Banking & PSU Debt

2 (2) 2 (1) 4 (4) 3 (4) 2 (2) 2 (2) 1 (1) 1 (3) 1 (1) 3 (3) 1 (1)
Fund
IDFC Banking & PSU

2 (3) 2 (3) 1 (2) 1 (2) 4 (4) 4 (4) 1 (1) 4 (3) 2 (2) 3 (4) 3 (3)
Debt Fund
Sundaram Banking &

2 (2) 2 (2) 3 (4) 4 (4) 1 (3) 1 (3) 1 (1) 4 (3) 3 (3) 1 (1) 2 (2)
PSU Debt Fund
Banking & PSU Debt 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 4 (4) 3 (3) 3 (3) 4 (3)
Fund
Axis Banking & PSU Debt

3 (3) 3 (3) 2 (3) 3 (3) 3 (4) 3 (4) 1 (1) 5 (4) 2 (2) 2 (3) 3 (2)
Fund
L&T Banking and PSU

3 (4) 3 (4) 4 (5) 4 (5) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 4 (4) 3 (2)
Debt Fund
Nippon India Banking &

3 (3) 3 (3) 2 (3) 2 (3) 4 (3) 4 (3) 1 (4) 5 (5) 1 (2) 3 (3) 2 (3)
PSU Debt Fund
SBI Banking and PSU

3 (3) 3 (3) 4 (4) 4 (4) 3 (1) 3 (1) 1 (4) 1 (1) 3 (3) 5 (3) 4 (3)
Fund
Franklin India Banking &

4 (4) 4 (4) 2 (1) 2 (1) 3 (3) 3 (3) 1 (1) 1 (3) 4 (4) 4 (3) 4 (4)
PSU Debt Fund
ICICI Prudential Banking

4 (3) 4 (3) 5 (3) 5 (3) 2 (1) 2 (1) 1 (3) 1 (1) 4 (3) 3 (2) 3 (4)
& PSU Debt Fund
Kotak Banking and PSU
4 (2) 4 (2) 3 (2) 2 (2) 4 (3) 4 (3) 5 (1) 3 (1) 4 (4) 4 (5) 3 (3)
Debt Fund
HDFC Banking & PSU
5 (5) 5 (5) 3 (3) 3 (3) 1 (3) 1 (3) 5 (3) 1 (1) 5 (5) 1 (2) 5 (5)
Debt Fund
UTI-Banking & PSU Debt

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (5) 1 (5) 5 (5) 2 (1) 5 (5)
Fund
17
Credit Risk funds (Cluster ranks are arranged alphabetically)

Credit Risk funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
IDFC Credit Risk Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 3 (3) 1 (1) 5 (4) 1 (1)
Kotak Credit Risk Fund 1 (1) 1 (1) 2 (2) 1 (2) 1 (1) 1 (1) 4 (3) 1 (1) 3 (1) 4 (3) 2 (2)

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 3 (3) 3 (2)
Credit Risk Fund
HDFC Credit Risk Debt

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 1 (1) 3 (2) 3 (4) 3 (3)
Fund
ICICI Prudential Credit
2 (2) 2 (2) 1 (1) 2 (1) 1 (1) 1 (1) 5 (5) 1 (1) 3 (3) 3 (3) 4 (5)
Risk Fund
Mahindra Credit Risk

2 2 3 2 2 2 3 1 2 4 3
Yojana
Axis Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 1 (3) 3 (3) 3 (4) 4 (4)
Baroda Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (3) 4 (4) 2 (3) 2 (2) 1 (1)
DSP Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (4) 3 (1) 3 (2) 3 (3) 3 (3)
Franklin India Credit

3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 5 (5) 4 (3)
Risk Fund
L&T Credit Risk Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4)
Nippon India Credit Risk 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 3 (3) 5 (4) 3 (3) 5 (4)
PGIM India Credit Risk

3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 4 (4) 3 (3) 4 (5) 3 (2) 3 (4)
Fund
SBI Credit Risk Fund 3 (2) 3 (2) 2 (3) 3 (3) 3 (2) 3 (2) 3 (4) 1 (1) 3 (2) 4 (4) 3 (3)
IDBI Credit Risk Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 4 (5) 5 (1) 5 (5) 4 (4) 4 (5) 3 (3)
Invesco India Credit
4 (5) 4 (5) 4 (5) 4 (5) 3 (4) 3 (4) 1 (2) 4 (4) 1 (2) 1 (1) 2 (2)
Risk Fund
Principal Credit Risk
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (1) 4 (4) 2 (3) 2 (2) 2 (2)
Fund
UTI Credit Risk Fund 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (3)
BOI AXA Credit Risk 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 5 (5) 5 (5) 2 (3) 5 (5)
Sundaram Short Term

5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 3 (3) 4 (4) 2 (4) 1 (1) 2 (3)
Credit Risk Fund
18
Corporate Bond funds (Cluster ranks are arranged alphabetically)

Corporate Bond funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
DSP Corporate Bond

1 1 2 2 3 3 1 1 3 3 2
Fund
IDFC Corporate Bond

1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 5 (4) 3 (2) 1 (1) 3 (2)
Fund
Kotak Corporate Bond

2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 1 (5) 1 (1) 3 (2) 2 (2) 4 (3)
Fund
L&T Triple Ace Bond

2 (1) 2 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (1) 3 (2) 5 (5) 1 (1)
Fund
Sundaram Corporate
2 (2) 2 (2) 1 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (1) 4 (4) 2 (2)
Bond Fund
3 (3) 3 (3) 3 (2) 3 (3) 2 (2) 2 (2) 1 (1) 3 (3) 4 (3) 2 (3) 4 (4)
Corporate Bond Fund
Canara Robeco
3 (2) 3 (2) 3 (3) 3 (2) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 3 (3) 3 (1)
Corporate Bond Fund
HDFC Corporate Bond

3 (3) 3 (3) 3 (1) 3 (2) 3 (3) 3 (2) 1 (3) 1 (1) 3 (3) 4 (4) 3 (3)
Fund
ICICI Prudential
3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (3) 1 (1) 2 (3) 3 (2) 3 (3)
Corporate Bond Fund
Invesco India
3 (3) 3 (3) 2 (3) 1 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 3 (3) 3 (2)
Corporate Bond Fund
PGIM India Premier

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (3) 1 (4) 4 (3) 1 (1) 3 (4) 4 (3)
Bond Fund
UTI Corporate Bond

3 3 2 2 3 3 1 5 1 5 1
Fund
Axis Corporate Debt

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (3) 4 (4) 3 (3) 3 (3)
Fund
Franklin India
4 (3) 4 (3) 4 (2) 4 (1) 4 (3) 4 (3) 5 (4) 1 (1) 5 (3) 4 (5) 5 (4)
Corporate Debt Fund
Union Corporate Bond

4 (4) 4 (4) 5 (4) 5 (4) 5 (4) 5 (4) 1 (1) 1 (4) 4 (4) 3 (3) 2 (3)
Fund
Nippon India Prime

5 (4) 5 (4) 4 (4) 4 (4) 2 (3) 2 (3) 5 (5) 1 (4) 5 (4) 2 (2) 5 (5)
Debt Fund
Tata Corporate Bond
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 3 (5) 3 (5) 1 (1) 3 (4)
Fund
19
Dynamic Bond funds (Cluster ranks are arranged alphabetically)

Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Dynamic Bond

1 (2) 1 (2) 2 (2) 2 (2) 4 (4) 4 (4) 4 (5) 1 (1) 1 (4) 1 (3) 1 (3)
Fund
SBI Dynamic Bond

1 (2) 1 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 1 (1) 5 (4) 2 (2) 2 (2)
Fund
DSP Strategic Bond

2 (4) 2 (4) 2 (4) 3 (4) 5 (5) 5 (5) 5 (4) 1 (1) 1 (3) 1 (3) 2 (4)
Fund
Kotak Dynamic Bond

2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 2 (3) 1 (3) 3 (2) 4 (3) 3 (3)
Fund
Nippon India Dynamic

2 (1) 2 (1) 3 (3) 3 (3) 3 (4) 3 (4) 3 (4) 1 (1) 3 (3) 2 (1) 1 (1)
Bond Fund
Quantum Dynamic
2 (1) 3 (1) 2 (2) 3 (3) 3 (3) 2 (2) 5 (3) 1 (1) 3 (3) 2 (1) 2 (1)
Bond Fund
Axis Dynamic Bond
3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 2 (3) 4 (1) 4 (3) 3 (3) 4 (3)
Fund
Canara Robeco
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 1 (1) 5 (4) 2 (3) 2 (2)
Dynamic Bond Fund
Franklin India Dynamic

3 (3) 2 (3) 3 (2) 2 (2) 1 (1) 1 (1) 1 (2) 4 (5) 1 (1) 5 (5) 4 (4)
Accrual Fund
HSBC Flexi Debt Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 4 (3) 1 (1) 4 (4) 3 (2) 3 (2)
IIFL Dynamic Bond
3 (4) 3 (4) 4 (4) 4 (4) 1 (1) 1 (1) 1 (1) 5 (4) 3 (1) 5 (5) 4 (4)
Fund
L&T Flexi Bond Fund 3 (3) 3 (2) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (2) 3 (2) 3 (3)
Union Dynamic Bond

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

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 4 (4) 4 (3) 4 (4) 5 (5)
Dynamic Bond Fund
BNP Paribas Flexi

4 (3) 4 (3) 4 (3) 3 (3) 2 (2) 3 (3) 3 (2) 1 (1) 3 (3) 3 (3) 3 (3)
Debt Fund
ICICI Prudential All

4 (3) 4 (4) 3 (3) 3 (2) 2 (2) 2 (2) 2 (2) 5 (4) 1 (2) 4 (4) 3 (3)
Seasons Bond Fund
Tata Dynamic Bond

4 (4) 4 (3) 4 (4) 4 (4) 2 (2) 2 (2) 3 (1) 1 (1) 3 (5) 3 (3) 3 (3)
Fund
HDFC Dynamic Debt

5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 2 (2) 3 (4) 3 (3) 4 (4) 4 (4)
Fund
UTI-Dynamic Bond
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (5) 4 (5) 3 (4) 5 (5)
Fund
20
Medium to Long Duration funds (Cluster ranks are arranged alphabetically)

Medium to Long Volatility Volatility Modified Company Asset
Rank Rank Return Return Sensitive Liquidity
Duration funds - Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
Nippon India Income

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 4 (5) 1 (1) 1 (2) 1 (1) 1 (1)
Fund
ICICI Prudential Bond

2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 4 (3) 3 (3)
Fund
IDFC Bond Fund -

2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 5 (4) 1 (1) 1 (4) 2 (2) 2 (3)
Income Plan

3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 1 (1) 4 (3) 2 (3) 2 (3)
Income Fund
Canara Robeco
3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2) 3 (4) 1 (1) 5 (3) 3 (3) 3 (3)
Income Fund
Kotak Bond 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (1) 3 (4) 3 (3) 3 (3)
LIC MF Bond Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1) 1 (1) 3 (2) 3 (2)
SBI Magnum Income

3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 2 (2) 2 (3) 3 (1) 3 (1) 5 (5) 4 (4)
Fund
HDFC Income Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (2) 5 (4) 3 (3) 3 (4) 4 (4)
Tata Income Fund 4 (3) 4 (3) 4 (4) 4 (4) 2 (3) 2 (3) 2 (2) 1 (1) 3 (3) 3 (3) 3 (2)
UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 4 (5) 4 (5) 4 (4) 5 (5)
21
Medium Duration funds (Cluster ranks are arranged alphabetically)

Medium Duration Volatility Volatility Modified Company Asset
funds - Reg - Dir Duration Concentration Quality
Weightages 50% 10% 5% 5% 5% 7.5% 17.5%
IDFC Bond Fund -

1 (1) 1 (1) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 1 (1) 3 (3) 1 (1) 1 (1)
Medium Term Plan
HDFC Medium Term

2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 3 (2) 3 (1) 1 (1) 3 (2) 3 (2)
Debt Fund
SBI Magnum Medium

2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 3 (4) 2 (3) 3 (1) 3 (3) 3 (3)
Duration Fund
Sundaram Medium
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (1) 3 (1) 2 (2) 3 (2)
Term Bond Fund
Axis Strategic Bond

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 3 (3) 1 (4) 3 (3) 3 (3)
Fund
Franklin India Income
3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 3 (4) 4 (4) 1 (1) 4 (5) 4 (4)
Opportunities Fund
ICICI Prudential
Medium Term Bond 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 4 (4) 1 (1) 4 (4) 3 (3)
Fund
Kotak Medium Term

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 5 (3) 1 (1) 3 (3) 4 (3)
Fund
L&T Resurgent India

3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 5 (5) 3 (5) 1 (1) 4 (4) 2 (2)
Bond Fund
UTI - Medium Term

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

4 (4) 4 (4) 3 (4) 4 (4) 3 (3) 3 (3) 2 (3) 3 (4) 4 (3) 3 (3) 5 (5)
Medium Term Plan
BNP Paribas Medium

4 (5) 4 (5) 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 1 (1) 5 (5) 2 (2) 2 (4)
Term Fund
DSP Bond Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 1 (1) 4 (4) 2 (3) 2 (3)
Nippon India Strategic

5 (4) 5 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 4 (3) 4 (4) 5 (4) 4 (4)
Debt Fund
22
Short Duration funds (Cluster ranks are arranged alphabetically)

Short Duration Volatility Volatility Company Asset Modified
funds - Reg - Dir Concentration Quality Duration
Weightages 50% 10% 5% 5% 10% 5% 15%
Canara Robeco
1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 1 (1) 1 (1) 3 (1) 3 (2) 1 (1) 2 (2)
Short Duration Fund
Invesco India Short
1 (2) 1 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (3) 1 (2) 5 (4) 1 (2)
Term Fund
DSP Short Term
2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (1) 3 (3) 1 (1)
Fund
IDFC Bond Fund -
2 (1) 2 (1) 1 (1) 2 (2) 3 (3) 3 (3) 1 (1) 4 (3) 3 (2) 2 (3) 2 (1)
Short Term
L&T Short Term
2 (1) 2 (1) 3 (2) 3 (2) 2 (2) 2 (2) 1 (1) 1 (1) 2 (1) 2 (2) 2 (1)
Bond Fund
Mirae Asset Short
2 (2) 2 (2) 2 (1) 1 (1) 2 (2) 2 (2) 1 (1) 4 (3) 2 (3) 2 (2) 3 (2)
Term Fund
Short Term 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 3 (3) 4 (3) 3 (4) 4 (4)
Opportunities Fund
Axis Short Term
3 (3) 3 (3) 1 (2) 2 (2) 3 (3) 3 (3) 1 (4) 3 (1) 2 (3) 2 (3) 3 (3)
Fund
Baroda Short Term
3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 2 (2) 1 (4) 5 (3) 3 (3) 4 (3) 3 (3)
Bond Fund
BNP Paribas Short
3 (3) 3 (3) 3 (4) 3 (4) 4 (4) 4 (4) 1 (1) 4 (3) 3 (3) 3 (4) 2 (2)
Term Fund
HDFC Short Term
3 (2) 3 (3) 3 (2) 3 (3) 1 (1) 1 (1) 4 (3) 1 (1) 3 (3) 3 (2) 4 (3)
Debt Fund
ICICI Prudential
3 (3) 3 (3) 3 (2) 3 (2) 2 (2) 2 (2) 4 (4) 1 (1) 3 (3) 3 (3) 4 (4)
Short Term Fund
Kotak Bond Short
3 (3) 3 (2) 2 (1) 1 (1) 3 (2) 3 (2) 1 (1) 3 (3) 3 (2) 3 (4) 3 (3)
Term Plan
Nippon India Short
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 1 (3) 3 (3) 3 (3) 3 (3)
Term Fund
SBI Short Term Debt
3 (2) 3 (2) 2 (3) 2 (3) 3 (3) 3 (3) 1 (3) 1 (1) 3 (2) 4 (4) 3 (2)
Fund
Tata Short Term
3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 1 (3) 1 (1) 4 (5) 3 (3)
Bond Fund
Franklin India Short
4 (4) 4 (4) 4 (3) 4 (3) 3 (3) 3 (3) 5 (4) 1 (1) 5 (4) 3 (5) 5 (5)
Term Income Plan
HSBC Short
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 4 (4) 4 (5) 3 (3) 4 (4)
Duration Fund
Indiabulls Short
4 (3) 4 (3) 4 (3) 4 (1) 3 (1) 3 (1) 1 (4) 5 (4) 5 (3) 1 (1) 5 (4)
Term Fund
Principal Short Term
4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 4 (5) 1 (1) 3 (5) 4 (5) 3 (3) 3 (3)
Debt Fund
Sundaram Short
5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 1 (5) 3 (4) 4 (4) 5 (2) 3 (3)
Term Debt Fund
UTI Short Term
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 3 (5) 3 (4) 4 (5) 3 (3)
Income Fund
23
Money Market funds (Cluster ranks are arranged alphabetically)

Money Market funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Money Market

1 (5) 1 (5) 1 (4) 1 (4) 5 (5) 5 (5) 4 (5) 4 (3) 2 (5) 4 (3) 2 (4)
Fund ^
Franklin India Savings

2 (2) 2 (2) 2 (1) 2 (1) 3 (4) 3 (4) 1 (1) 1 (1) 3 (2) 5 (4) 4 (3)
Fund
Invesco India Money

2 (3) 2 (3) 4 (4) 4 (4) 1 (1) 1 (1) 1 (4) 1 (1) 2 (4) 1 (1) 3 (5)
Market Fund
Nippon India Money

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

3 (3) 3 (3) 2 (2) 3 (2) 3 (3) 3 (3) 1 (4) 4 (5) 2 (3) 3 (4) 2 (2)
Money Manager Fund
DSP Savings Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 1 (3) 3 (2) 4 (5) 3 (2)
ICICI Prudential
3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (3) 1 (3) 4 (3) 2 (2) 3 (4)
Money Market Fund
Kotak Money Market 3 (3) 3 (4) 3 (2) 4 (3) 2 (2) 2 (2) 4 (3) 3 (4) 3 (4) 3 (2) 3 (3)
UTI Money Market

3 (4) 3 (4) 3 (3) 3 (2) 3 (3) 3 (3) 1 (4) 4 (4) 4 (4) 3 (3) 2 (3)
Fund
HDFC Money Market
4 (2) 4 (3) 2 (3) 2 (3) 4 (3) 4 (3) 4 (1) 1 (1) 5 (3) 3 (4) 5 (3)
Fund
IDFC Money Manager

4 (3) 4 (2) 4 (4) 4 (4) 2 (3) 2 (3) 1 (1) 5 (4) 1 (1) 2 (2) 1 (2)
Fund
SBI Savings Fund 4 (4) 4 (3) 4 (3) 2 (3) 3 (2) 3 (2) 5 (3) 1 (3) 4 (3) 4 (3) 4 (4)
Tata Money Market

5 (4) 5 (4) 5 (5) 5 (5) 4 (4) 4 (4) 1 (1) 3 (3) 3 (2) 3 (3) 3 (1)
Fund
^ L&T Money Market Fund has witnessed a four-notch movement owing to unusual spike in returns in the trailing four months. These higher returns were primarily
driven by recovery of dues in a defaulted security which was completely written-off in June 2019, coupled with decline in AUM of the fund in the recent period.
24
Low Duration funds (Cluster ranks are arranged alphabetically)

Low Duration funds Rank Rank Return Return Sensitive Liquidity
Weightages 50% 10% 5% 5% 10% 5% 15%
Canara Robeco
1 (2) 1 (2) 3 (2) 3 (3) 1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 1 (3) 2 (1)
Savings Fund
Invesco India
Treasury Advantage 1 (1) 1 (1) 2 (1) 2 (1) 3 (3) 3 (3) 1 (1) 4 (3) 1 (1) 4 (2) 1 (2)
Fund
Axis Treasury
2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 4 (3) 2 (2) 2 (3) 2 (2)
Advantage Fund
DSP Low Duration

2 (3) 2 (3) 1 (3) 1 (3) 4 (3) 4 (3) 1 (1) 1 (1) 2 (3) 2 (2) 2 (2)
Fund
IDFC Low Duration
2 (1) 2 (1) 2 (2) 3 (2) 2 (2) 2 (2) 1 (1) 5 (4) 1 (1) 2 (3) 1 (1)
Fund
SBI Magnum Low
2 (2) 2 (2) 3 (2) 3 (3) 2 (1) 2 (1) 3 (3) 1 (1) 2 (2) 3 (4) 3 (3)
Duration Fund

3 (3) 3 (2) 2 (3) 2 (2) 3 (2) 3 (2) 4 (3) 5 (3) 3 (2) 3 (5) 3 (3)
Low Duration Fund
Franklin India Low

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 1 (1) 5 (4) 5 (5) 5 (5)
Duration Fund
HDFC Low Duration

3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 3 (1) 1 (1) 3 (3) 3 (4) 3 (3)
Fund
ICICI Prudential
3 (2) 3 (3) 2 (2) 3 (2) 2 (2) 2 (2) 1 (3) 1 (1) 3 (3) 3 (4) 4 (3)
Savings Fund
Kotak Low Duration

3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 3 (3) 5 (3) 1 (1) 4 (3) 4 (3) 4 (5)
Fund
Mahindra Low
Duration Bachat 3 3 3 3 1 1 5 1 4 3 4
Yojana
Mirae Asset Savings

3 (3) 3 (3) 4 (3) 4 (3) 3 (3) 3 (3) 1 (4) 3 (1) 3 (3) 2 (1) 3 (3)
Fund
L&T Low Duration
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (3) 4 (3) 4 (4) 5 (4)
Fund
LIC MF Savings Fund 4 (3) 4 (3) 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 3 (4) 2 (4) 5 (2) 2 (2)
Nippon India Low
4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5) 1 (4) 5 (3) 3 (3) 4 (4)
Duration Fund
Tata Treasury
4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 1 (4) 4 (3) 3 (4) 1 (2) 3 (4)
Advantage Fund
Sundaram Low
5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 3 (1) 3 (4) 4 (4) 3 (1) 3 (3)
Duration Fund
UTI Treasury
5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (3) 4 (5) 3 (5) 4 (3) 3 (3)
Advantage Fund
25
Ultra Short Duration funds (Cluster ranks are arranged alphabetically)

Ultra Short Duration Volatility Volatility Company Asset Modified
funds - Reg - Dir Concentration Quality Duration
Weightages 50% 10% 5% 5% 10% 5% 15%
L&T Ultra Short Term

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

2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 1 (2) 4 (5) 2 (3) 4 (5) 3 (3)
Savings Fund
HDFC Ultra Short

2 2 3 3 3 3 1 1 3 1 2
Term Fund
IDFC Ultra Short

2 2 2 3 2 2 1 4 1 3 2
Term Fund
Axis Ultra Short Term

3 3 4 2 2 2 3 1 3 4 4
Fund
BOI AXA Ultra Short
3 3 3 4 3 3 1 4 3 3 2
Duration Fund
DSP Ultra Short Fund 3 (4) 3 (3) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 1 (1) 2 (2) 2 (3) 3 (2)
Invesco India Ultra
3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 1 (2) 1 (3) 3 (1) 3 (3) 3 (2) 3 (3)
Short Term Fund
Kotak Savings Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (1) 3 (3) 5 (4) 3 (2)
SBI Magnum Ultra
3 (2) 3 (2) 3 (3) 3 (3) 2 (1) 2 (1) 4 (3) 1 (1) 3 (2) 3 (3) 3 (3)
Short Duration Fund
Franklin India Ultra

4 (3) 4 (3) 1 (1) 1 (1) 4 (3) 4 (3) 5 (4) 1 (1) 4 (4) 4 (4) 4 (5)
Short Bond Fund
ICICI Prudential Ultra

4 (3) 4 (4) 2 (2) 2 (2) 3 (3) 3 (3) 4 (5) 1 (1) 4 (3) 2 (3) 4 (4)
Short Term Fund
UTI Ultra Short Term

4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 4 (5) 1 (1) 3 (4) 4 (5) 2 (1) 3 (3)
Fund
Nippon India Ultra

5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 5 (4) 4 (4) 5 (1) 5 (4) 3 (2) 5 (4)
Short Duration Fund
26
Liquid funds (Cluster ranks are arranged alphabetically)

Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
Weightages 50% 10% 5% 5% 15% 15%
BOI AXA Liquid Fund 1 (2) 1 (2) 4 (4) 4 (4) 3 (4) 3 (4) 1 (1) 3 (4) 1 (2) 2 (1)
Invesco India Liquid

1 (1) 1 (1) 4 (3) 4 (4) 1 (1) 1 (1) 1 (3) 1 (1) 2 (2) 2 (3)
Fund
Quantum Liquid Fund 1 1 5 5 5 5 1 1 1 1
BNP Paribas Liquid

2 (4) 2 (3) 2 (2) 2 (2) 2 (2) 2 (2) 1 (1) 1 (4) 3 (5) 4 (3)
Fund
Canara Robeco Liquid 2 (2) 2 (2) 5 (4) 5 (4) 2 (3) 2 (3) 3 (1) 4 (4) 2 (3) 2 (2)
DSP Liquidity Fund 2 (3) 2 (3) 3 (4) 3 (3) 2 (2) 2 (2) 2 (3) 1 (1) 2 (1) 3 (4)
IDFC Cash Fund 2 (1) 2 (1) 5 (5) 5 (5) 3 (3) 3 (3) 1 (1) 5 (4) 1 (1) 1 (1)
Kotak Liquid 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 1 (1) 3 (4) 3 (3) 3 (2) 2 (2)
Mirae Asset Cash

2 (3) 2 (3) 3 (3) 3 (3) 3 (2) 3 (2) 3 (4) 1 (1) 3 (3) 2 (2)
Management Fund
Axis Liquid Fund 3 (3) 3 (3) 2 (3) 3 (3) 4 (4) 4 (4) 3 (4) 4 (1) 3 (3) 3 (3)
Edelweiss Liquid
3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3) 1 (2) 1 (1) 4 (4) 3 (4)
Fund
HDFC Liquid Fund 3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 1 (1) 2 (2) 3 (2)
ICICI Prudential
3 (2) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3)
Liquid Fund
L&T Liquid Fund 3 (3) 3 (4) 4 (3) 4 (4) 3 (3) 3 (3) 4 (5) 1 (3) 2 (3) 1 (3)
LIC MF Liquid Fund 3 (3) 3 (3) 4 (4) 3 (3) 2 (2) 2 (2) 3 (3) 1 (1) 4 (3) 3 (3)
Nippon India Liquid

3 (3) 3 (3) 1 (1) 2 (1) 4 (3) 4 (3) 3 (3) 1 (3) 3 (4) 4 (5)
Fund
PGIM India Insta

3 (4) 3 (4) 2 (1) 2 (1) 3 (2) 3 (2) 1 (1) 5 (5) 2 (3) 3 (4)
Cash Fund
SBI Liquid Fund 3 (4) 3 (4) 3 (4) 4 (4) 5 (5) 5 (5) 4 (4) 1 (1) 3 (3) 3 (3)
Tata Liquid Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (1) 2 (1) 3 (3) 1 (1) 3 (4) 3 (4)
UTI Liquid Cash Plan 3 (4) 3 (4) 2 (2) 3 (3) 5 (5) 5 (5) 3 (4) 1 (1) 3 (4) 2 (3)
Franklin India Liquid

4 (5) 4 (5) 1 (1) 1 (1) 4 (4) 4 (4) 4 (5) 4 (1) 4 (3) 5 (4)
Fund
HSBC Cash Fund 4 (4) 4 (4) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 5 (5) 4 (5)
IDBI Liquid Fund 4 (4) 4 (4) 3 (3) 2 (3) 3 (3) 3 (3) 4 (5) 4 (4) 3 (3) 4 (3)
Indiabulls Liquid Fund 4 (3) 4 (3) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 4 (5) 4 (3) 4 (2)
Mahindra Liquid Fund 4 (5) 4 (5) 2 (2) 1 (2) 4 (4) 4 (4) 4 (4) 1 (1) 4 (5) 5 (5)
Union Liquid Fund 4 (5) 4 (5) 4 (5) 4 (5) 1 (5) 1 (5) 4 (1) 4 (5) 3 (2) 4 (3)

5 (3) 5 (3) 1 (2) 1 (2) 3 (3) 3 (3) 5 (3) 1 (1) 5 (4) 5 (4)
Liquid Fund
JM Liquid Fund 5 (3) 5 (3) 3 (2) 3 (2) 3 (3) 3 (3) 5 (3) 5 (1) 5 (4) 3 (2)
Sundaram Money
5 (3) 5 (3) 3 (3) 3 (3) 4 (4) 4 (4) 5 (3) 1 (1) 4 (3) 3 (3)
Fund
27
Annexure I – Selection criteria for schemes in CMFR
Owing to changes in the categorisation /rationalisation of mutual fund Conservative hybrid
schemes as prescribed by Sebi*, CRISIL has aligned its ranking This category includes schemes where investment in equity is limited
categories in CMFR as per Sebi circular. to 10-25% of the AUM and rest in debt instruments. Funds that have
historically maintained >10% equity exposure (three-year average)
1. Equity funds
have been included in this category.
Equity funds have been retained in their respective categories as
Arbitrage
defined by the AMCs.
The schemes following arbitrage strategy with no net equity exposure
In case of large cap, large and mid-cap, multi-cap, mid-cap, stated in investment mandate are shortlisted. Funds with Riskometer
focused and value/contra categories, funds which were being grading of ‘Moderately Low’ have been included in this category.
ranked in different categories previously, with different historical risk-
3. Debt funds
return profiles, are now part of the same category. Hence, for
evaluating the performance of such a varied group of funds under one In the gilt category, funds with a mandate to manage duration
category, active returns (with respect to their appropriate CRISIL- dynamically are considered. Gilt funds with 10-year constant maturity
AMFI performance indices) parameter is used instead of mean are not part of this category.
returns. Since all the funds ranked in the small cap category have
In the medium to long duration category, funds with three-year
come from the erstwhile small & midcap category, mean returns have
average duration between 3-7 years have been retained.
been used.
In the medium duration category, funds with three-year average
Funds in the thematic – infrastructure category follow an investment
duration below four years have been retained.
objective to invest in infrastructure-related sectors. Other
sectoral/thematic funds have been excluded. In the short duration category, funds with one-year average duration
between 1-3 years are classified as defined by Sebi.
Equity linked savings schemes (ELSS) invest in equity and equity-
related instruments, and are aimed to enable investors to avail tax In the credit risk category, funds that were historically classified as
deduction under Section 80 C of the Income Tax Act. credit opportunities funds in CMFR are considered.
Index funds / ETFs: Schemes launched with an objective to generate In the corporate bond category, funds that maintained one-year
returns that are commensurate with the performance of their average exposure >60% to corporate bonds, with the highest credit
benchmark’s total return index (TRI), subject to tracking errors, are rating (i.e. AA+ and above), have been considered.
considered. In the banking and PSU bond category, funds that maintained one-
The following will be excluded: year average exposure >60% to debt instruments of banks, public
sector undertakings, and public financial institutions have been
• Index schemes that allow the fund manager to take overweight
investment positions on stocks that comprise their benchmark considered.
index.
In the liquid and dynamic bond categories, funds have been
• Index schemes that are benchmarked to indices other than S&P retained in their respective categories as defined by the AMCs.
BSE Sensex and Nifty 50.
In the low duration category, funds with one-year average duration
2. Hybrid funds below 1.3 years have been retained.
Aggressive hybrid In the ultra short duration and money market categories, funds that
Schemes investing more than 65%, but less than 80% of the assets were considered under the erstwhile ultra-short term and liquid
under management (AUM) in equity securities and 20-35% in debt categories have been retained.
instruments, are considered. All funds that have historically
*Link to Sebi circular: https://www.sebi.gov.in/legal/circulars/oct-
maintained the stated equity exposure (three-year average) have
2017/categorization-and-rationalization-of-mutual-fund-
been included in this category.
schemes_36199.html
28
Annexure II – CRISIL Mutual Fund Ranking – Methodology
CMFR is the relative ranking of mutual fund schemes within Portfolio concentration analysis
a peer group. The basic criteria for inclusion in the ranking
Concentration measures the risk arising out of improper
universe are three-year / one-year NAV history and AUM in
diversification. For equity securities, diversity score is used
excess of category cut-off limits, and complete portfolio
as the parameter to measure industry as well as company
disclosure. Three-year NAV history is considered across all
concentration. In case of debt schemes, the company
equity, hybrid, dynamic bond, medium duration, medium to
concentration is analysed at an individual issuer specific
long duration and gilt categories; whereas one-year for
limit. The limit is linked with the credit rating of the issuer; a
banking & PSU, corporate bond, credit risk, liquid, low
high rated issuer will have higher limits and as the rating
duration, money market, ultra short term, short duration
declines the limit is reduced progressively.
categories.
Exposure to sensitive sectors
Only open-ended schemes are considered. Ranking is
based on the following parameters: In case of debt schemes, industry concentration is analysed
for exposure to sensitive sectors which are arrived based on
Mean return and volatility
Industry Risk Score (IRS) for various sectors. CRISIL’s
Mean return and volatility are considered as separate assessment of IRS quantifies the credit risk associated with
parameters across all categories. Mean return is the an industry on a uniform scale to ensure comparability
average of daily returns based on the scheme’s NAV for the across industries. The score captures the influence of
period under analysis and volatility is the standard deviation various industry variables on the debt repayment ability of
of these returns. While the period for analysis is three years companies in a particular sector over a 3-4-year horizon.
for equity, hybrid, medium duration, medium to long duration
Liquidity analysis
categories; it is one year for banking & PSU, corporate bond,
credit risk, liquid, and other short duration categories. The It measures the ease with which a portfolio can be liquidated.
period of analysis is broken into four overlapping periods The lower the score, the better. In case of equities, it
(latest 36, 27, 18 and 9 months for three-year period, and measures the number of days to liquidate the portfolio.
latest 12, 9, 6 and 3 months for one-year period). Each Liquidity is calculated by taking the average portfolio liquidity
period is assigned a progressive weight starting from the score of the past three months.
longest period as follows: 32.5%, 27.5%, 22.5% and 17.5%,
respectively. Equity liquidity is computed as follows:
Active return Liquidity score of each stock = No. of shares held / daily
average trading volume of past six months
Owing to changes in the categorisation /rationalisation of
mutual fund schemes, as prescribed by Sebi from March Portfolio liquidity score = Weighted average liquidity score of
2018 onwards, CMFR incorporated the active return the above
parameter in equity categories (large cap, large and mid- Gilt liquidity is measured by analysing the number of days it
cap, multi cap, mid-cap, focused and value/contra) for takes to liquidate the portfolio based on turnover (volume),
evaluation. As funds from different categories with different the number of securities in the portfolio, the number of days
risk-return profiles are in these categories, active return (with security is traded, and the number of trades in any security
respect to their appropriate CRISIL-AMFI performance for a three-month period for that security. Corporate debt
indices) is used instead of mean return. The period of liquidity is computed by classifying each security into three
analysis is broken into four overlapping periods - latest 36, categories - liquid, semi liquid and illiquid - and then
27, 18 and 9 months - and progressive weights are assigned evaluating a scheme’s exposure to each category.
as discussed earlier.
Asset quality Tracking error
Asset quality measures the probability of default by the This is used only for index schemes. The tracking error is an
issuer of a debt security to honour the debt obligation in time. estimation of the variability in a scheme’s performance vis-
à-vis the index that it tracks. The lower the tracking error, the
Duration
better.
Modified duration is considered across all the debt
Count of Negative Returns
categories except liquid to capture the interest rate risk of
the portfolio. The lower the value, the better. Going forward, The count of negative returns is used as parameter in
Macaulay duration will be used instead of Modified duration. arbitrage funds to capture downside risk of the funds.
Eligibility criteria
● Only open-ended funds are considered
● NAV history
− Three years for equity, hybrid, gilt, dynamic, medium to long and medium duration funds
− One year for arbitrage, banking & PSU, corporate bond, credit risk and other short duration funds, including liquid funds
● AUM cut-off criteria
Broad Investment Type^ AUM Cut-offs (Rs. Crore)*
Equity 10
Debt and Hybrid 50
Debt (<1 year) 250

^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multicap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, Infrastructure, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration, Liquid
* Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM
If a fund not ranked on basis of AUM in the preceding quarter meets the AUM criteria, it will be put on hold for one quarter and ranked in the subsequent
quarter provided that the AUM criteria is satisfied in the subsequent quarter as well
● Complete portfolio disclosure for all three months in the last quarter
● March 2017 onwards, CMFR introduced rankings for direct plans of the shortlisted funds as per the appropriate
categorisation, provided they have sufficient NAV history.
30
Parametric weights
Equity categories:
Large cap, large & mid cap, multi

Small cap, infrastructure and
Category cap, mid cap, value/contra, Index / ETFs
ELSS
focused
Active return (%) 55 - -
Mean returns (%) - 55 -
Tracking error (%) - - 100
Volatility (%) 25 25 -
Company concentration
5 5 -
(%)
Industry concentration (%) 10 10 -
Equity - liquidity (%) 5 5 -
Time (years) 3 3 3
Hybrid categories:
Category Aggressive hybrid Conservative hybrid Arbitrage
Mean return (%) 50 50 60
Volatility (%) 25 10 25
Company concentration (%) 5 5
Industry concentration / exposure to

10 5
sensitive sector (%)*
Equity - liquidity (%) 10%*K 7.5%*K
Debt - asset quality (%) 5%* (100-K) 17.5
Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)
Modified duration (%) - 5
Count of Negative Returns (%) 15
Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio
31
Debt categories:
Dynamic, Banking and PSU, corporate bond,

credit risk, short duration, low
Category Gilt medium to long, Liquid
duration, money market, ultra short
medium duration term
Mean return (%) 50 50 50 50
Volatility (%) 25 10 10 10
Company concentration (%) - 5 5 5
Exposure to sensitive sector

- 5 5 5
(%)
Debt - asset quality (%) - 17.5 10 15
Debt liquidity (%) 15 7.5 15 15
Modified duration (%) 10 5 5 -
Time (years) 3 3 1 1
32
Annexure III – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:
Equity: Dividend yield funds, sectoral/thematic funds (other than infrastructure theme funds)
Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds
Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds
Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)
Miscellaneous:
• Liquid funds with, on average, more than 25% cash & equivalents in the portfolio over the past three months.
• Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for which new
category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these
funds is as follows:
Scheme name New category Reason for exclusion

Aditya Birla Sun Life Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Axis Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderate' excluded
Axis Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Axis Gilt Fund Gilt Fund Historical attributes of the fund do not match that of the category/peer group
Axis Growth Opportunities Fund Large & Mid Cap Fund Does not have three-year NAV history
Axis Money Market Fund Money Market Fund Does not have one-year NAV history
Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history
Axis Nifty ETF Index Funds/ETFs Does not have three-year NAV history
Baroda Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Baroda Gilt Fund Gilt Fund Did not meet AUM criteria
Baroda Liquid Fund Liquid Fund Did not meet AUM criteria
Baroda Money Market Fund Money Market Fund Does not have one-year NAV history
Baroda Treasury Advantage Fund Low Duration Fund Did not meet AUM criteria
Baroda Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
BNP Paribas Arbitrage Fund Arbitrage Fund Riskometer grading 'Moderately High' excluded
BNP Paribas Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
BNP Paribas Focused 25 Equity Fund Focused Fund Does not have three-year NAV history
BNP Paribas Low Duration Fund Low Duration Fund Did not meet AUM criteria
BNP Paribas Substantial Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
BOI AXA Short Term Income Fund Short Duration Fund Did not meet AUM criteria
BOI AXA Small Cap Fund Small Cap Fund Does not have three-year NAV history
Canara Robeco Small Cap Fund Small Cap Fund Does not have three-year NAV history
Canara Robeco Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Edelweiss Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria
Edelweiss Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Edelweiss ETF - Nifty 50 Index Funds/ETFs Did not meet AUM criteria
Edelweiss Low Duration Low Duration Fund Did not meet AUM criteria
Edelweiss Short Term Fund Short Duration Fund Did not meet AUM criteria
Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history
Essel Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Essel Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Essel Liquid Fund Liquid Fund Did not meet AUM criteria
Essel Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
Essel Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria
33
Essel Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
HSBC Debt Fund Medium to Long Duration Fund Did not meet AUM criteria
HSBC Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
HSBC Large and Mid Cap Equity Fund Large & Mid Cap Fund Does not have three-year NAV history
HSBC Low Duration Fund Low Duration Fund Did not meet AUM criteria
ICICI Prudential Sensex Index Fund Index Funds/ETFs Does not have three-year NAV history
ICICI Prudential Small Cap Fund Small Cap Fund Historically maintained significant exposure to foreign equities
IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
IDBI Focused 30 Equity Fund Focused Fund Does not have three-year NAV history
IDBI Gilt Fund Gilt Fund Did not meet AUM criteria
IDBI Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history
IDBI Long Term Value Fund Value Fund Does not have three-year NAV history
IDBI Midcap Fund Mid Cap Fund Does not have three-year NAV history
IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria
IDBI Small Cap Fund Small Cap Fund Does not have three-year NAV history
IDBI Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
IDFC Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history
IDFC Nifty ETF Index Funds/ETFs Does not have three-year NAV history
IDFC Sensex ETF Index Funds/ETFs Does not have three-year NAV history
IIFL Liquid Fund Liquid Fund Did not meet AUM criteria
Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Indiabulls Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
Indiabulls Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Indiabulls ETF - Nifty 50 Index Funds/ETFs Does not have three-year NAV history
Indiabulls Income Fund Medium Duration Fund Did not meet AUM criteria
Indiabulls Savings Fund Money Market Fund Did not meet AUM criteria
Indiabulls Savings Income Fund Conservative Hybrid Fund Did not meet AUM criteria
Indiabulls Tax Savings Fund ELSS Does not have three-year NAV history
Indiabulls Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Invesco India Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria
Invesco India Equity & Bond Fund Aggressive Hybrid Fund Does not have three-year NAV history
Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria
Invesco India Nifty Exchange Traded Fund Index Funds/ETFs Did not meet AUM criteria
Invesco India Small Cap Fund Small Cap Fund Does not have three-year NAV history
ITI Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
ITI Liquid Fund Liquid Fund Does not have one-year NAV history
ITI Long Term Equity Fund ELSS Does not have three-year NAV history
ITI Multi Cap Fund Multi Cap Fund Does not have three-year NAV history
JM Dynamic Debt Fund Dynamic Bond Fund Historical attributes of the fund do not match that of the category/peer group
JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria
JM Income Fund Medium to Long Duration Fund Did not meet AUM criteria
JM Low Duration Fund Low Duration Fund Did not meet AUM criteria
JM Money Market Fund Money Market Fund Did not meet AUM criteria
JM Short Term Fund Short Duration Fund Did not meet AUM criteria
JM Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
JM Value Fund Value Fund Historical attributes of the fund do not match that of the category/peer group
Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history
L&T Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
L&T Focused Equity Fund Focused Fund Does not have three-year NAV history
LIC MF Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
LIC MF G-Sec Fund Gilt Fund Did not meet AUM criteria
34
LIC MF Short Term Debt Fund Short Duration Fund Does not have one-year NAV history
Mahindra Badhat Yojana Multi Cap Fund Does not have three-year NAV history
Mahindra Hybrid Equity Nivesh Yojana Aggressive Hybrid Fund Does not have three-year NAV history
Mahindra Kar Bachat Yojana ELSS Does not have three-year NAV history
Mahindra Pragati Bluechip Yojana Large Cap Fund Does not have three-year NAV history
Mahindra Unnati Emerging Business Yojana Mid Cap Fund Does not have three-year NAV history
Mirae Asset Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Mirae Asset ETF - Nifty 50 (MAN50ETF) Index Funds/ETFs Does not have three-year NAV history
Mirae Asset Focused Fund Focused Fund Does not have three-year NAV history
Mirae Asset Midcap Fund Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Equity Hybrid Fund Aggressive Hybrid Fund Does not have three-year NAV history
Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history
Motilal Oswal Liquid Fund Liquid Fund Does not have one-year NAV history
Motilal Oswal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
PGIM India Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria
PGIM India Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
PGIM India Low Duration Fund Low Duration Fund Did not meet AUM criteria
PGIM India Short Maturity Fund Short Duration Fund Historical attributes of the fund do not match that of the category/peer group
PGIM India Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Parag Parikh Liquid Fund Liquid Fund Did not meet AUM criteria
Parag Parikh Long Term Equity Fund Multi Cap Fund Historically maintained significant exposure to foreign equities
Parag Parikh Tax Saver Fund ELSS Does not have three-year NAV history
Principal Arbitrage Fund Arbitrage Fund Did not meet AUM criteria
Principal Cash Management Fund Liquid Fund Did not meet AUM criteria
Principal Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria
Principal Low Duration Fund Low Duration Fund Did not meet AUM criteria
Principal Small Cap Fund Small Cap Fund Does not have three-year NAV history
Principal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria
Quant Absolute Fund Aggressive Hybrid Fund Did not meet AUM criteria
Quant Active Fund Multi Cap Fund Did not meet AUM criteria
Quant Dynamic Bond Dynamic Bond Fund Did not meet AUM criteria
Quant Focused Fund Focused Fund Historical attributes of the fund do not match that of the category/peer group
Quant Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Quant Large and Mid Cap Fund Large & Mid Cap Fund Historical attributes of the fund do not match that of the category/peer group
Quant Liquid Plan Liquid Fund Did not meet AUM criteria
Quant Mid Cap Fund Mid Cap Fund Historical attributes of the fund do not match that of the category/peer group
Quant Money Market Fund Money Market Fund Did not meet AUM criteria
Quant Small Cap Small Cap Fund Historical attributes of the fund do not match that of the category/peer group
Quant Tax Plan ELSS Did not meet AUM criteria
Quantum Nifty ETF Index Funds/ETFs Did not meet AUM criteria
SBI Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history
Shriram Long Term Equity Fund ELSS Does not have three-year NAV history
Shriram Multicap Fund Multi Cap Fund Does not have three-year NAV history
Sundaram Debt Oriented Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria
Sundaram Equity Fund Multi Cap Fund Does not have three-year NAV history
Sundaram Money Market Fund Money Market Fund Did not meet AUM criteria
Sundaram Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Tata Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Tata Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history
Tata Medium Term Fund Medium Duration Fund Did not meet AUM criteria
Tata Multicap Fund Multi Cap Fund Does not have three-year NAV history
Tata Nifty ETF Index Funds/ETFs Does not have three-year NAV history
35
Tata Small Cap Fund Small Cap Fund Does not have three-year NAV history
Tata Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
Taurus Infrastructure Fund Sectoral/Thematic Did not meet AUM criteria
Taurus Liquid Fund Liquid Fund Did not meet AUM criteria
Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria
Union Arbitrage Fund Arbitrage Fund Does not have one-year NAV history
Union Focused Fund Focused Fund Does not have three-year NAV history
Union Large Cap Fund Large Cap Fund Does not have three-year NAV history
Union Value Discovery Fund Value Fund Does not have three-year NAV history
YES Liquid Fund Liquid Fund Does not have one-year NAV history
YES Ultra Short Term Fund Ultra Short Duration Fund Does not have one-year NAV history
36
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CRISIL Mutual Fund Ranking

For the quarter ended September 2019

Click on the respective category to view the rankings

Sep - 19 Sep - 19 Active Active

BNP Paribas Large Cap

Edelweiss Large Cap

HSBC Large Cap Equity

L&T India Large Cap

Mirae Asset Large Cap

Baroda Large Cap Fund 3 3 3 4 4 4 2 3 1

Invesco India Largecap

Essel Large Cap Equity

IDBI India Top 100

Nippon India Large Cap

Aditya Birla Sun Life

Franklin India Bluechip

Taurus Largecap Equity

Figures in brackets indicate previous quarter ranks

Sep - 19 Sep - 19 Active Active

Invesco India Growth

Mirae Asset Emerging

Edelweiss Large and Mid

Sundaram Large and Mid

Tata Large & Mid Cap

Aditya Birla Sun Life

BOI AXA Large & Mid

Franklin India Equity

L&T Large and Midcap

Figures in brackets indicate previous quarter ranks

Sep - 19 Sep - 19 Active Active

Canara Robeco Equity

SBI Magnum MultiCap

Aditya Birla Sun Life

BNP Paribas Multi Cap

ICICI Prudential Multicap

IDBI Diversified Equity

PGIM India Diversified

Franklin India Equity

Invesco India Multicap

Nippon India Multicap

HSBC Multi Cap Equity

Principal Multi Cap

Taurus Starshare (Multi

Figures in brackets indicate previous quarter ranks

Sep - 19 Sep - 19 Active Active

Tata Mid Cap Growth

Franklin India Prima

BNP Paribas Mid Cap

ICICI Prudential MidCap

Motilal Oswal Midcap 30

Nippon India Growth

PGIM India Midcap

Sundaram Mid Cap

Aditya Birla Sun Life

Figures in brackets indicate previous quarter ranks

Sep - 19 Sep - 19 Mean Mean

Franklin India Smaller

Nippon India Small Cap

Aditya Birla Sun Life

HSBC Small Cap Equity

Sundaram Small Cap

Figures in brackets indicate previous quarter ranks

Sep - 19 Sep - 19 Active Active