CRISIL Mf Ranking Booklet Jun 2011

8/3/2019 CRISIL Mf Ranking Booklet Jun 2011

1/32For the quarter ended June 30, 2011

CRISIL MutualFund

Ranking


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1CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 1

Higher exposure to defensive sectors such as consumer durables,

fast moving consumer goods (FMCG), pharmaceuticals and

healthcare was the key attribute of equity funds ranked

CRISIL Fund Rank 1, as per the CRISIL Mutual Fund Ranking for

the quarter ended June 2011. Over the last 12 months, the

defensive sectors have signicantly outperformed the market.

Further, the exposure of CRISIL Fund Rank 1 schemes to these

sectors was 19 per cent as of June 30, 2011 and has been

consistently higher than the peers.

The Indian equity market has been extremely volatile over

the last 8 months on account of both domestic and global

elements. On the domestic front, factors such as rising ination,

high interest rates and limited policy action has raised

concerns about economic growth and has investors worried.The wholesale price index (WPI) based ination rate touched

9.44 per cent as of June 2011 while Indias GDP growth for

the quarter ended March 2011was 7.8 per cent vis-a-vis 8.3

per cent in the previous year quarter. The Reserve Bank of

India too has raised repo rates by 50 basis points to 8.00

per cent on July 26, 2011 for the eleventh time over the past

year to tame ination. Globally also, there is an impending

sovereign risk in the Eastern European countries mainly Greece.

Given this uncertainty, investors have moved towards sectors

such as FMCG and Pharma, which tend to be more stable in

an otherwise volatile environment.

The exposure of equity funds to defensive sectors has steadilyincreased from 14 per cent in September 2010 to 16 per

cent in June 2011, reecting the increasing preference of fund

managers for relatively stable stocks. As of June 30, 2011,

CRISIL Fund Rank 1 equity funds had an average exposure of

19 per cent towards these sectors, well above the 15 per cent

exposure of the lower ranked peers, which led to their superior

performance. The higher proportion of exposure towards these

sectors and strong returns generated by them enabled CRISIL

Fund Rank 1 schemes to outperform the industry. Over the last

12 months, the defensive sectoral indices, viz., BSE Consumer

durables, CNX FMCG, CNX Pharma Index have delivered

annualised returns of 41 per cent, 23 per cent and 12 per cent

respectively as against the 6 per cent, 2 per cent and negative

2 per cent returns delivered by broader market indices like

S&P CNX Nifty, S&P CNX 500 and CNX Midcap, respectively.

Within debt funds, the short term funds continued to display

robust performance, given the high interest rate regime. Short-

term income funds, with an absolute return of 2.35 per cent

for the quarter ended June 30, 2011 (annualised returns of

9.31 per cent), was the best performing category among debt

schemes. CRISIL expects short-term debt funds to continue

providing superior returns within the debt category in line with

RBIs hard stance on interest rates.

The latest CRISIL Mutual Fund Ranking covers close to 73per cent of the industry average assets under management

as of June 2011. At the fund house level, HDFC Mutual Fund

continued to lead the tally of top ranked funds across equity

and debt categories with a total of 14 funds under CRISIL

Fund Rank 1. Birla Sun Life Mutual Fund and ICICI Prudential

Mutual Fund followed with a total of nine funds and eight

funds respectively under CRISIL Fund Rank 1.

A unique feature of CRISIL Mutual Fund Ranking is that unlike

most other ranking models that are purely based on returns

or net asset value (NAV), CRISIL Mutual Fund Ranking uses

a combination of NAV and portfolio-based attributes for

evaluation. CRISILs fund ranking framework provides a single-

point analysis of mutual funds, taking into consideration allfactors, such as risk-adjusted returns, asset concentration,

liquidity, asset quality and asset size. The rankings also include

categories that focus specically on long term consistency in

performance. The ranks are assigned on a scale of 1 to 5,

with CRISIL Fund Rank 1 indicating very good performance. In

any peer group, the top 10 percentile of funds are ranked as

CRISIL Fund Rank 1 and the next 20 percentile are ranked as

CRISIL Fund Rank 2. Investors can use the CRISIL Fund Ranking,

which is available on www.crisil.com, as a tool to support their

investment decisions. The rankings are updated on a quarterly

basis.

Defensive sectors contribute to equity fundsoutperformance

CRISIL Mutual Fund Ranking is a pro-bono exercise undertaken every quarter and hosted on www.crisil.com. The latest rankings covered 458

open-ended funds accounting for 73 per cent of the average assets managed by Indian mutual funds in June 2011.


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CRISIL Mutual Fund Ranking - Quarter ended Jun 20112

Mutual fund industry highlights

At the fund house level, 31 out of 41 fund houses witnessed

growth in quarterly average AUM in the June quarter. IDFC

Mutual Fund registered the highest AUM growth in absolute

terms. Its AUM rose by Rs 67 billion or 31 per cent to Rs 286

billion during the quarter. In percentage terms, Daiwa Mutual

Fund was the top gainer with its AUM rising almost 3 times to Rs

6.65 billion in the June quarter from Rs 2 billion in the previous

quarter. Meanwhile, Reliance Mutual Fund retained its topposition in the average assets tally at Rs 1.02 trillion, marginallyup from the earlier quarter. HDFC Mutual Fund maintained its

second position, with its assets growing by over 6 per cent to

Rs 920 billion, while ICICI Prudential Mutual Fund was third

with quarterly average AUM of Rs 799 billion. UTI Mutual

Fund was at fourth spot (Rs 691 billion) followed by Birla Sun

Life Mutual Fund (Rs 675 billion). In terms of AUM distribution, the

share of the top ve mutual funds stood at 55 per cent in the June

quarter while the AUM share of the top 10 mutual funds was close

to 80 per cent. The bottom 10 fund houses continued to account

for less than 1 per cent of the AUM in the June quarter.

According to daily trade data released by the Securities and

Exchange Board of India (SEBI), mutual funds were net buyers of

equities worth around Rs 8 billion in the June quarter, as against

net selling of Rs 18 billion in the previous quarter. On the debt

front, mutual funds were net buyers to the tune of Rs 940 billion

in the quarter ended June as compared to net buying of Rs 878

billion in the previous quarter.

In key regulatory news, the Reserve Bank of India (RBI) capped

banks investment in liquid and short term debt mutual funds at 10

per cent of their net worth as of March 31 in the previous year.Banks have been given time till January 5, 2012 to comply with

this norm. The regulators aim is to prevent the circular ow offunds between mutual funds and banks. The government detailed

the nal structure of Infrastructure Debt Funds as either backed

by mutual funds or by non-banking nancial company (NBFCs).

Meanwhile, the government gave its approval to foreign retail

investment in mutual funds schemes up to $10 billion. SEBI notied

all mutual funds to provide an option to investors to receive

allotment of units in their demat account while subscribing to a

scheme from October 1, 2011. The market regulator also asked

mutual fund houses to declare the number of unique investors

in every scheme to eliminate redundant data of folios.

The Indian mutual fund industrys quarterly average assets

under management (AUM) rose by over 6 per cent to Rs 7.47trillion in the April-June quarter as compared to Rs 7.04 trillion

in the January-March 2011 quarter. The month-end AUM during

the quarter rose as well by around 14 per cent to Rs 6.73 trillion

as of June from Rs 5.92 trillion in March. Mutual fund assets rose

mainly on record inows in April of Rs 1.8 trillion, 80 per cent of

which were in liquid funds. The other two months of the quarter,

viz May and June, recorded net outows of Rs 1.1 trillion (Rs

624 billion in June and Rs 489 billion in May). It is typical of the

industry to witness outows in the last month of a quarter due to

redemption by corporates and banks on account of advance taxpayments and balance sheet capital adequacy requirements,

respectively. There is generally a reversal of these outows in

the beginning of the new quarter.

At the category level, money market funds and income funds

(includes ultra short term debt funds) recorded the highest net

inows during the quarter ended June of Rs 618 billion and Rs

102 billion, respectively. These categories had recorded outowsof Rs 165 billion and Rs 67 billion, respectively, in the March

2011 quarter. The inows could be linked to improved liquidity

in the system, as indicated by the Reserve Bank of India (RBI) in its

mid-quarter policy review. The RBI data showed that net injection

of liquidity through the central banks liquidity adjustment facility

(LAF) repos fell from an average of Rs 840 billion during

January-March 2011 to Rs 410 billion during April to June 15.

New fund offers (NFOs) launched during the quarter mobilised Rs

183 billion through 138 NFOs, which is considerably lower than

the Rs 587 billion mobilised via 261 NFOs in the March 2011

quarter. Fixed maturity plans (FMPs) continued their dominance

in NFOs during the quarter, comprising more than 96 per cent ofNFO collections. Demand for FMPs was due to rising interest rates

in the economy.

-1300

-905

-510

-115

280

675

1070

1465

1860

5.5

6.0

6.5

7.0

7.5

8.0

Jun-10

Jul-10

Aug-10

Sep-10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11

Mar-11

Apr-11

May-11

Jun-11

NetflowsRsbillion

AUMR

strillion

Rs billion

Net Inow/(Outow) Month End AUM

Quarter

ended

June 2011

Quarter

ended

March 2011 June-11

March

2011 Difference

Income Funds 101.86 -67.44 3055.66 2919.75 135.91

Equity Funds 0.53 44.21 1938.80 1953.23 -14.43

Balanced Funds 3.20 6.98 175.58 184.45 -8.87

Liquid / Money Market

Funds

618.22 -165.01 1425.67 736.66 689.01

Gilt Funds -2.79 -6.34 32.73 34.09 -1.36

Gold ETF Funds 9.42 7.98 55.68 44.00 11.68

Other ETFs -3.31 8.05 20.57 25.16 -4.59

Fund of Funds Investing

Overseas

3.26 -0.85 27.07 25.16 1.91

Total 730.39 -172.42 6731.76 5922.50 809.26

Industry AUM (Rs trillion)

Net ows (Rs billion)


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Equity markets overview

The S&P CNX Nifty and BSE Sensex fell by over 3 per

cent in the quarter, mainly on high ination numbers and

consequent interest rate hikes announced by the RBI twice in

the quarter. Inationary concerns grew after the government

allowed state-owned oil marketing companies to hike fuelprices. Weak global cues, such as slowdown in US economic

growth and concerns of the re-emergence of the sovereign

debt crisis in Greece, added to the markets woes. Earlier

in the quarter, sentiments were affected due to downbeat

earnings by Reliance Industries and Infosys, and lower-than-

expected April-June earnings guidance from Wipro. Weak

economic data like quarterly gross domestic product (GDP)

growth numbers and industrial production data for April alsodampened investor sentiments.

Losses were, however, capped on consistent FII (foreign

institutional investors (FIIs) buying in June as global concernsreceded after the Greek parliament voted in favour of harsh

austerity measures to avoid a debt default. FIIs were net buyers

to the tune of Rs 51.71 billion in the quarter while they were

net sellers of equities worth Rs 31.18 billion in the quarter

ended March 2011. Stock-specic movement following strong

corporate earnings by index majors Larsen & Toubro, HCL Tech

and HDFC Bank as well as partial retreat in crude oil prices

also helped market erase some losses.

CNX FMCG index was the top sectoral index gainer, up by

12.5 per cent, in the quarter due to defensive buying in the

wake of market uncertainty. BSE Consumer Durables indexfollowed with around 7 per cent gains in the month while CNX

Pharma index rose 6.2 per cent. Among key decliners, CNX

Realty index continued its steep fall (down around 15 per

cent) due to the rising interest rates as well as concerns over

further monetary tightening by the RBI.

In other developments, SEBI directed companies to

dematerialise their entire promoter shareholding by

September 30, 2011 with a view to make dealings in shares

more transparent. Further, SEBI made Application Supported

by Blocked (ASBA) Amounts facility mandatory for all non-retail investors, qualied institutional buyers and high net-

worth individuals. SEBI allowed retail investors to place bids at

a discounted price, instead of paying the full amount in public

issues. The market regulator also allowed stock exchanges

to offer incentives to brokers for generating volumes in

illiquid securities in the equity derivatives segment. It allowed

sovereign funds to buy a maximum 20 per cent stake in any

listed company without any additional obligations. SEBI alsorelaxed its norm for company name change if companies have

invested at least 50 per cent in the assets of the new business.

Meanwhile, the National Stock Exchange received approvalfrom SEBI to launch futures contracts on US benchmark indices

like S&P 500 and Dow Jones, though it decided to introduce

them only after getting regulatory approval for launching

options contracts as well. The Bombay Stock Exchange (BSE)

stated that trading would halt for the day if the Sensex

rose or fell by 20 per cent in a single day for the July-

September quarter. Also, the BSE decided to remove Reliance

Communications and Reliance Infrastructure from the Sensex

from August 8 and replace the two with Sun Pharma and CoalIndia. It announced introduction of 135 additional stocks fortrading in its equity derivatives segment as well.

MARKETOVERVIEW

Index30-June-11 30-Mar-11 Absolute

Change% change(3 month)

% change(1 year)

S&P CNX Nifty 5647 5834 -186.35 -3.19 6.30

BSE Sensex 18846 19445 -599.35 -3.08 6.47

CNX FMCG Index 10369 9188 1180.55 12.85 23.38

CNX Pharma Index 4817 4536 281.15 6.20 12.02

CNX MIDCAP Index 7972 8040 -68.65 -0.85 -1.96

CNX Bank Index 11245 11705 -460.80 -3.94 18.81

CNX PSE Index 3394 3567 -173.00 -4.85 -14.00

CNX AUTO Index 3672 3862 -190.55 -4.93 5.38

CNX Metal Index 3981 4294 -312.35 -7.27 -0.68

CNX IT Index 6625 7148 -523.40 -7.32 11.75

CNX Energy Index 8615 9481 -865.60 -9.13 -11.65

CNX Realty Index 268 313 -45.65 -14.57 -35.87

BSE CD Index 6654 6240 414.03 6.64 40.50

BSE CG Index 13906 13234 671.73 5.08 -5.47

BSE Small Cap Index 8157 8176 -19.29 -0.24 -10.08

BSE Power Index 2612 2712 -100.10 -3.69 -17.08

CD Consumer Durables, CG Capital Goods, HC Health Care

MF Daily Net Investment

Nifty4

3

1

-1

-2

-4

-5

-7

Nifty

MFDa

ily

Ne

tInv

Rs.

Billion

31-Mar-

11

5-Apr-

11

8-Apr-

11

15-Apr-

11

20-Apr-

11

26-Apr-

11

29-Apr-

11

4-May-1

1

9-May-1

1

12-May-1

1

17-May-1

1

20-May-1

1

25-May-1

1

30-May-1

1

2-Jun-1

1

7-Jun-1

1

10-Jun-1

1

15-Jun-1

1

20-Jun-1

1

23-Jun-1

1

28-Jun-1

1

5950

5810

5670

5530

5390

5250


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Debt markets overview

Overnight interbank rates moved in the range of 5.75-7.70

per cent amid strong demand from banks to meet their reserverequirements. Rates were also pressurised after the RBI hiked

its key re-nancing rate, viz the repo rate, twice in the quarter

- the rst time by 50 basis points (bps) in its annual policy

review and by 25 bps in its recent mid-quarter policy review

to 7.50 per cent. Advance tax outows in June also added to

the pressure on call rates. However, some easing in rates was

seen towards the end of the quarter as demand from banks

fell due to fullment of their reserve requirements. Rates fell to

3.50-4.00 per cent on June 30.

During the quarter, the RBI decided to transit to a single

independent varying policy rate as the repo rate while thereverse repo rate will continue to be operative and will be

pegged at a xed 100 bps below the repo rate. The central

bank also introduced a new mechanism, Marginal Standing

Facility (MSF), under which banks would be permitted to

borrow short term funds up to 1 per cent of their deposits; the

rate for MSF would be 100 bps above the repo rate.

Yields on government bonds rose sharply in the quarter-ended June with the new 10-year benchmark 7.80 per cent,

2021 paper closing at 8.33 per cent on June 30, 2011 as

compared to 7.89 per cent on April 11, 2011, when the paper

was introduced. The earlier 10-year benchmark 7.80 per cent,

2020 paper had closed at 7.98 per cent on March 31, 2011.

Prices fell in the quarter, especially in May, with the yield on

the benchmark paper reaching a 32-month high of 8.41 per

cent on May 31 on fears of monetary tightening by the RBI

on account of high monthly ination numbers. Intermittent rise

in crude oil prices coupled with a hike in fuel prices by oil

marketing companies led to inationary fears and aggressive

monetary action by the RBI. A fall in prices was cushioned

on lower-than-expected GDP growth numbers and industrial

production data.

Among regulatory initiatives, the government increased the FIIlimit in infrastructure bonds from $5 billion to $25 billion; the

overall FII limit for investment in corporate bonds was raised

to $40 billion, i.e. $15 billion in corporate and $25 billion in

infrastructure bonds. The nance ministry prepared a draft

legislation to set up a separate Debt Management Ofce

to manage government debt. The RBI released guidelines

on credit default swaps in corporate bonds, which will take

effect from October 24, 2011. Further, SEBI asked rating

agencies to use common rating symbols and their meanings for

debt instruments. The nance ministry cleared the RBIs draft

guidelines on new bank licences with a rider that the existing

74 per cent cap on FDI be retained.

30-Jun-1

0

6-Aug-1

0

16-Sep-1

0

26-Oc

t-10

6-Dec-1

0

13-Jan-1

1

23-Fe

b-1

1

6-Apr-

11

19-May-1

1

27-Jun-1

1

8.50%

8.25%

8.00%

7.75%

7.50%

10-Year Benchmark G-Sec YieldOvernight MIBOR10.00%

9.00%

8.00%

7.00%

6.00%

5.00%

4.00%

30-Jun-1

0

19-Ju

l-10

07-Aug-1

0

26-Aug-1

0

14-Sep-1

0

03-Oc

t-10

22-Oc

t-10

10-Nov-1

0

29-Nov-1

0

18-Dec-1

0

06-Jan-1

1

25-Jan-1

1

14-Fe

b-1

1

04-Mar-

11

23-Mar-

11

11-Apr-

11

30-Apr-

11

19-May-1

1

07-Jun-1

1

26-Jun-1

1


7/32


CRISIL launches Gilt Index

CRISIL Research, Indias largest independent research house,

has launched the CRISIL Gilt Index which will track theperformance of government securities. The CRISIL Gilt Index will

provide market participants a realistic and easily accessible

benchmark to analyse and measure the performance of

sovereign investments. This is the eighth index introduced by

CRISIL and reects its ongoing effort to develop effective

benchmarks for the Indian debt markets.

The Indian debt market is dominated by government securities

which constitute over three-fourth of the total debt outstanding

as of end-June 2011. Even in terms of trading activity,

government securities are the most liquid; they contribute

over 80 per cent of the trading volumes of the debt market.

Accordingly, it is critical to have a benchmark which closelytracks and reects the performance of government securities.

Through its Gilt Index, CRISIL aims at providing a realistic

representation of the performance of the most liquid and

dominant segment of the Indian debt market.

The CRISIL Gilt Index comprises twelve most liquid government

securities. For the construction of the index, CRISIL has adopted

a two-fold approach based on liquidity and the amount

outstanding. The selection of government securities is based

on liquidity, while allocation of weights is based on the amount

outstanding. The index is then calculated using a total return

approach, capturing both coupon and clean price returns for

the selected government securities across maturities. The base

date of the index is January 1, 1997. The CRISIL Gilt Index

provides an appropriate representation of the movementof yields in Indian government securities. The government

securities included in the CRISIL Gilt Index are the most liquid,

and typically represent 80 per cent of the total trading

volumes and 25 per cent of the total amount outstanding in

government securities. CRISIL strongly believes that the CRISIL

Gilt Index will serve as an effective tool for institutional and

retail investors to better understand the risk-return trade-offs

in the Indian sovereign market.

The CRISIL Gilt Index follows a family of debt and hybrid

indices that are maintained by CRISIL and used by asset

managers for benchmarking their products and portfolios. The

CRISIL Gilt Index will be a public index. The updated details onindex performance and portfolio constituents will be available

on the CRISIL website (www.crisil.com) daily. This latest index

is further evidence of CRISILs status as a pioneer in debt and

hybrid indices in India. The CRISIL Gilt Index is expected to

serve both as a benchmark and as an underlying index for

investment products such as exchange-traded funds (ETFs) in

government securities. CRISIL will continue to develop indices

that are useful in analysing the performance of different

asset classes and act as a critical input for market participantsin making investment decisions in an otherwise shallow

debt market.


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CRISIL Mutual Fund categories

Equity Funds

1. Large Cap-oriented Equity funds

2. Diversied Equity funds

3. Small and Mid-cap Equity funds

4. Equity Linked Savings Scheme (ELSS)

5. Thematic - Infrastructure funds

6. Index funds

Hybrid Funds

7. Balanced funds

8. Monthly Income Plan - Aggressive

9. Monthly Income Plan Conservative

Debt Funds

10. Long Term Income funds

11. Short Term Income Funds

12. Liquid funds

13. Liquid funds - Institutional

14. Liquid funds - Super institutional

15. Ultra Short-term Debt funds

16. Ultra Short-term Debt funds - Institutional

17. Ultra Short-term Debt funds - Super institutional18. Long Term Gilt funds

Consistent Performers

19. Consistent Performers - Equity funds

20. Consistent Performers - Balanced funds

21. Consistent Performers - Debt funds

22. Consistent Performers - Liquid funds

Performance period for rankings: 2-years for equity funds (other than index funds), long term income funds, gilt funds and hybrid

funds; 1-year for index, liquid, ultra short-term debt and short-term debt funds; 5-years for Consistent Performers.

CRISIL Mutual Fund Ranking category denitionsRankings category Interpretation

CRISIL Fund Rank 1 Very good performance (top 10 percentile of the universe)*

CRISIL Fund Rank 2 Good performance

CRISIL Fund Rank 3 Average performance

CRISIL Fund Rank 4 Below average performance

CRISIL Fund Rank 5 Relatively weak performance

*If the top 10 percentile gure is not an integer, the same is rounded off to the next integer. The same approach is adopted forCRISIL Fund Rank 2 (11th to 30th percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to

90th percentile) clusters. The residual schemes in the universe are placed in the CRISIL Fund Rank 3 cluster.


10/32


Large Cap-oriented Equity funds

Large Cap-oriented Equity funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company

Concentration Liquidity

Weightages 75% 10% 5% 10%

Fidelity Equity Fund 1 1 1 (1) 2 (3) 1 (1) 4 (4)

Fidelity India Growth Fund 1 1 1 (1) 4 (5) 2 (2) 5 (4)

HDFC Top 200 Fund 1 1 1 (1) 4 (4) 2 (2) 3 (3)

ICICI Prudential Focused Bluechip Equity Fund 1 1 1 (1) 5 (5) 5 (5) 1 (1)

Birla Sun Life Frontline Equity Fund 2 2 2 (2) 2 (1) 1 (1) 3 (3)

Birla Sun Life Top 100 Fund 2 3 2 (3) 2 (1) 1 (1) 3 (3)

Franklin India Bluechip Fund 2 2 2 (2) 1 (2) 2 (3) 3 (3)

HDFC Index Fund - Sensex Plus Plan 2 3 2 (2) 3 (2) 4 (4) 3 (5)

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

Reliance Quant Plus Fund 2 N.A 2 3 5 1

UTI Mastershare Unit Scheme 2 3 2 (3) 3 (3) 3 (3) 3 (4)

UTI Opportunities Fund 2 2 2 (2) 3 (2) 2 (2) 5 (4)

DSP BlackRock Top 100 Equity Fund 3 3 3 (3) 3 (4) 4 (3) 2 (2)

HSBC Dynamic Fund 3 4 3 (4) 5 (4) 4 (3) 2 (1)

HSBC India Opportunities Fund 3 3 3 (3) 4 (4) 3 (3) 4 (5)

ICICI Prudential Target Returns Fund 3 N.A 3 3 4 2

ICICI Prudential Top 100 Fund 3 3 3 (3) 3 (2) 4 (5) 1 (1)

ICICI Prudential Top 200 Fund 3 2 3 (2) 2 (3) 3 (4) 4 (5)

IDFC Equity Fund 3 N.A 3 5 5 5

IDFC Imperial Equity Fund - Plan A 3 4 3 (4) 3 (3) 4 (4) 3 (2)

Kotak 50 3 3 3 (3) 5 (4) 3 (4) 3 (3)

Reliance Equity Advantage Fund 3 3 3 (3) 3 (3) 4 (4) 5 (4)

SBI Magnum Equity Fund 3 2 3 (2) 2 (3) 3 (4) 4 (3)

Sundaram India Leadership Fund 3 2 3 (3) 1 (1) 2 (2) 4 (4)

UTI Master Plus Unit Scheme 3 3 3 (3) 2 (3) 3 (3) 3 (3)

BNP Paribas Equity Fund 4 5 4 (5) 4 (4) 3 (5) 4 (1)

DWS Alpha Equity Fund 4 4 4 (4) 3 (3) 5 (5) 3 (3)

HSBC Equity Fund 4 4 4 (5) 4 (3) 4 (3) 3 (3)

LIC NOMURA MF Equity Fund 4 3 4 (3) 4 (5) 3 (3) 2 (2)

LIC NOMURA MF Growth Fund 4 3 4 (3) 2 (2) 2 (2) 2 (2)

SBI Blue Chip Fund 4 5 4 (5) 1 (1) 2 (2) 3 (3)

Sundaram Select Focus 4 4 4 (4) 2 (2) 2 (2) 2 (2)

UTI Top 100 Fund 4 3 4 (3) 3 (3) 3 (3) 3 (3)

BARODA PIONEER Growth Fund 5 4 5 (4) 4 (3) 3 (3) 2 (2)

LIC NOMURA MF Top 100 Fund 5 5 5 (5) 4 (5) 3 (3) 1 (2)

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

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

Figures in bracket indicate the previous quarter score


11/32


Diversied Equity funds


CRISIL

Fund RankJune - 11

Change

vsMar - 11

CRISIL

Fund RankMar - 11

Superior

ReturnScore

IndustryConcentration

CompanyConcentration Liquidity


HDFC Equity Fund 1 1 1 (1) 3 (3) 3 (3) 3 (3)

ING Dividend Yield Fund 1 1 1 (1) 4 (4) 3 (3) 3 (3)

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

Quantum Long-Term Equity Fund 1 1 2 (1) 2 (1) 3 (3) 2 (2)

UTI Dividend Yield Fund 1 1 1 (1) 3 (3) 2 (2) 2 (2)

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

UTI MNC Fund 1 2 1 (2) 4 (4) 4 (5) 5 (5)

Birla Sun Life India GenNext Fund 2 3 2 (3) 4 (4) 3 (3) 4 (4)

Canara Robeco Equity Diversied 2 2 2 (2) 2 (2) 2 (2) 2 (2)

DSP BlackRock Equity Fund 2 3 2 (3) 1 (2) 1 (1) 4 (4)

DSP BlackRock Opportunities Fund 2 2 2 (2) 3 (2) 1 (1) 3 (3)

HDFC Capital Builder Fund 2 2 1 (2) 4 (4) 4 (4) 3 (3)

HDFC Core and Satellite Fund 2 1 2 (1) 2 (2) 4 (4) 5 (5)

HDFC Growth Fund 2 2 2 (2) 2 (3) 4 (4) 4 (4)

HDFC Premier MultiCap Fund 2 2 2 (2) 1 (1) 4 (4) 3 (4)

ICICI Prudential Dynamic Plan 2 2 2 (2) 1 (1) 2 (3) 3 (2)

JPMorgan India Equity Fund 2 3 3 (3) 3 (2) 3 (3) 1 (1)

Kotak LifeStyle 2 3 2 (3) 5 (4) 3 (3) 4 (3)

Morgan Stanley A.C.E. Fund 2 1 2 (1) 3 (3) 3 (3) 2 (2)

Tata Contra Fund 2 2 2 (2) 3 (2) 4 (4) 3 (4)

UTI India Lifestyle Fund 2 3 2 (3) 5 (5) 4 (4) 2 (3)

AIG India Equity Fund 3 3 3 (4) 1 (1) 3 (3) 3 (3)

Fidelity India Special Situations Fund 3 2 3 (2) 5 (4) 2 (3) 5 (3)

Franklin India Flexi Cap Fund 3 2 3 (2) 2 (3) 4 (4) 3 (3)

Franklin India High Growth Companies Fund 3 3 3 (3) 1 (2) 4 (4) 4 (5)

Franklin India Prima Plus 3 3 3 (3) 1 (3) 3 (3) 3 (3)

HDFC Long Term Equity Fund 3 2 2 (2) 4 (3) 5 (4) 4 (5)

HSBC Unique Opportunities Fund 3 3 3 (3) 4 (4) 2 (2) 3 (3)

ICICI Prudential Services Industries Fund 3 3 3 (3) 4 (5) 3 (5) 3 (3)

Kotak Opportunities 3 3 3 (3) 3 (3) 2 (2) 2 (2)

Morgan Stanley Growth Fund 3 3 3 (3) 3 (3) 5 (4) 2 (3)

Principal Dividend Yield Fund 3 2 3 (2) 4 (4) 3 (3) 2 (2)

Reliance Growth Fund 3 3 3 (3) 1 (1) 1 (1) 4 (4)

Reliance Regular Savings Fund - Equity 3 3 3 (3) 2 (2) 1 (2) 4 (3)

Reliance Vision Fund 3 3 3 (3) 3 (3) 3 (4) 3 (3)

Religare Contra Fund 3 3 3 (3) 2 (2) 3 (3) 3 (3)

SBI Magnum COMMA Fund 3 4 3 (3) 5 (5) 4 (4) 3 (4)

SBI Magnum Multiplier Plus Scheme 1993 3 3 3 (3) 3 (3) 3 (3) 3 (4)

Sundaram Equity Multiplier Fund 3 N.A 3 4 5 3

Sundaram Growth Fund 3 3 3 (3) 2 (1) 2 (2) 1 (1)

Sundaram Rural India Fund 3 3 3 (3) 4 (4) 3 (2) 4 (4)

Tata Equity Opportunit ies Fund 3 4 3 (4) 3 (3) 3 (3) 5 (4)

Tata Equity PE Fund 3 3 3 (3) 3 (3) 1 (2) 4 (3)

Continued...

EQUITY

FUNDS


12/32



CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company



Tata Pure Equity Fund 3 3 3 (3) 3 (3) 3 (3) 3 (3)

Tata Select Equity Fund 3 3 3 (3) 3 (4) 3 (3) 4 (5)

Taurus Starshare 3 2 3 (2) 2 (2) 3 (3) 1 (2)

Templeton India Growth Fund 3 3 3 (3) 4 (4) 5 (5) 3 (3)

UTI-Services Industries Fund 3 3 3 (3) 5 (5) 4 (3) 3 (3)

Bharti AXA Equity Fund - Regular Plan 4 4 4 (4) 3 (4) 4 (4) 1 (1)

Birla Sun Life Advantage Fund 4 4 4 (4) 4 (4) 2 (3) 4 (4)

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

Birla Sun Life Special Situations Fund 4 4 4 (4) 3 (3) 3 (3) 2 (2)

DWS Investment Opportunity Fund 4 4 4 (4) 2 (2) 3 (3) 3 (3)

Franklin India Opportunities Fund 4 4 4 (4) 2 (3) 3 (3) 1 (1)

IDFC Classic Equity Fund - Plan A 4 5 4 (5) 3 (3) 3 (3) 4 (2)

ING Domestic Opportunities Fund 4 4 4 (4) 4 (4) 3 (3) 3 (3)

Kotak Contra 4 4 4 (4) 3 (2) 3 (2) 2 (2)

L&T Opportunities Fund 4 4 4 (4) 3 (3) 2 (1) 3 (3)

LIC NOMURA MF India Vision Fund 4 5 4 (5) 4 (3) 4 (4) 1 (1)

Principal Services Industries Fund 4 4 4 (4) 5 (5) 5 (5) 3 (3)

SBI One India Fund 4 4 4 (4) 2 (1) 2 (2) 3 (4)

Tata Service Industries Fund 4 4 4 (4) 5 (5) 3 (3) 4 (5)

ING OptiMix Multi Manager Equity Fund - Option A 5 5 5 (5) 3 (3) 1 (1) 3 (4)

JM Equity Fund 5 N.A 5 3 5 5

JM Multi Strategy Fund 5 N.A 5 2 5 5

Principal Growth Fund 5 5 5 (5) 3 (3) 2 (2) 2 (2)

Reliance Equity Fund 5 5 5 (5) 3 (3) 4 (5) 1 (1)

SBI Magnum MultiCap Fund 5 5 5 (5) 3 (2) 3 (2) 2 (2)

SBI Magnum Sector Umbrella - Contra Fund 5 5 5 (5) 3 (3) 2 (2) 3 (3)


Diversied Equity funds (Contd.)


13/32

1111CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Small and Mid-cap Equity funds

Small and Mid-cap Equity funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company



Birla Sun Life MNC Fund 1 2 1 (2) 5 (5) 5 (5) 4 (5)

HDFC Mid-Cap Opportunities Fund 1 1 1 (1) 4 (4) 2 (3) 3 (4)

Religare Mid Cap Fund 1 N.A 1 3 2 3

UTI Master Value Fund 1 1 1 (1) 3 (2) 1 (1) 3 (3)

Birla Sun Life Dividend Yield Plus 2 2 2 (2) 4 (4) 1 (1) 2 (2)

DSP BlackRock Micro Cap Fund 2 1 2 (1) 3 (2) 4 (3) 5 (5)

DSP BlackRock Small and Midcap Fund 2 1 2 (1) 1 (1) 2 (1) 3 (2)

ICICI Prudential Discovery Fund 2 2 2 (2) 2 (1) 2 (3) 4 (3)

Reliance Equity Opportunities Fund 2 2 2 (2) 2 (1) 3 (3) 3 (3)

SBI Magnum Sector Umbrel la - Emerging Business Fund 2 2 2 (2) 4 (4) 5 (5) 5 (5)

Tata Dividend Yield Fund 2 2 2 (2) 5 (5) 4 (4) 2 (2)

Birla Sun Life Pure Value Fund 3 4 3 (4) 4 (4) 3 (4) 2 (3)

Birla Sun Life Small & Midcap Fund 3 3 3 (3) 3 (2) 3 (3) 4 (4)

Franklin India Prima Fund 3 3 3 (3) 1 (4) 3 (3) 1 (1)

Franklin India Smaller Companies Fund 3 3 3 (3) 1 (2) 4 (4) 3 (3)

IDFC Premier Equity Fund - Plan A 3 2 3 (2) 4 (5) 3 (4) 2 (2)

JPMorgan India Smaller Companies Fund 3 3 3 (3) 3 (4) 3 (3) 1 (3)

Kotak Midcap 3 3 3 (3) 3 (3) 1 (2) 3 (1)

SBI Magnum Global Fund3 3

3 (3) 3 (3) 4 (3) 3 (4)Sundaram Select Midcap 3 3 3 (3) 2 (1) 4 (4) 2 (2)

UTI Thematic - Mid Cap Fund 3 3 3 (3) 3 (3) 2 (2) 4 (3)

Birla Sun Life Midcap Fund 4 4 4 (5) 3 (3) 2 (2) 2 (2)

ICICI Prudential Emerging S T A R Fund 4 4 4 (4) 2 (3) 3 (3) 4 (4)

Kotak Emerging Equity 4 5 5 (5) 4 (3) 3 (2) 2 (2)

L&T Midcap Fund 4 3 4 (3) 5 (4) 3 (2) 1 (1)

Principal Emerging Bluechip Fund 4 4 4 (4) 3 (3) 1 (1) 1 (1)

Reliance Long Term Equity Fund 4 4 4 (4) 2 (2) 4 (4) 4 (4)

SBI Magnum Midcap Fund 4 4 4 (4) 5 (5) 5 (5) 3 (4)

HSBC Midcap Equity Fund 5 5 5 (4) 1 (3) 4 (4) 5 (5)

JM Emerging Leaders Fund 5 5 5 (5) 2 (2) 5 (5) 5 (3)

Sundaram S M I L E Fund 5 4 4 (4) 4 (2) 3 (2) 3 (4)

Tata Mid Cap Fund 5 5 5 (5) 2 (3) 2 (2) 4 (3)



14/32

12 CRISIL Mutual Fund Ranking - Quarter ended Jun 2011

Equity Linked Savings Scheme (ELSS)

Equity Linked Savings Scheme (ELSS)

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company



Fidelity Tax Advantage Fund 1 1 1 (1) 3 (3) 2 (2) 4 (3)

HDFC Tax Saver Fund 1 1 1 (1) 1 (1) 2 (2) 4 (5)

ICICI Prudential Tax Plan 1 1 1 (1) 2 (2) 3 (2) 5 (5)

Canara Robeco Equity Tax Saver 2 2 2 (2) 1 (1) 1 (2) 3 (4)

DSP BlackRock Tax Saver Fund 2 2 3 (2) 3 (3) 1 (1) 3 (4)

Franklin Taxshield Fund 2 2 2 (2) 1 (2) 4 (4) 3 (3)

HDFC Long Term Advantage Fund 2 2 2 (2) 3 (3) 5 (5) 3 (4)

ING Tax Savings Fund 2 2 2 (2) 5 (4) 4 (5) 2 (1)

Religare Tax Plan 2 3 2 (3) 3 (2) 2 (3) 4 (3)

Bharti AXA Tax Advantage Fund 3 3 4 (4) 3 (5) 4 (4) 1 (1)

Birla Sun Life Tax Plan 3 3 3 (3) 3 (3) 4 (3) 3 (2)

HSBC Tax Saver Equity Fund 3 3 3 (3) 2 (2) 4 (4) 3 (3)

IDFC Tax Advantage (ELSS) Fund 3 3 3 (3) 3 (3) 3 (3) 3 (3)

Kotak Tax Saver Scheme 3 3 3 (3) 3 (3) 3 (1) 4 (4)

Principal Personal Tax Saver 3 3 3 (3) 4 (4) 3 (2) 2 (2)

Reliance Tax Saver Fund 3 2 2 (2) 4 (3) 3 (3) 5 (5)

Tata Tax Saving Fund 3 3 3 (3) 2 (2) 2 (3) 3 (4)

Taurus Taxshield 3 3 3 (3) 2 (1) 4 (4) 2 (2)

UTI Equity Tax Saving Plan (ETSP)3

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

Birla Sun Life Tax Relief 96 4 4 3 (3) 4 (4) 3 (3) 4 (4)

BNP Paribas Tax Advantage Plan 4 5 4 (5) 4 (4) 2 (3) 3 (3)

L&T Tax Saver Fund 4 3 4 (3) 5 (5) 3 (3) 1 (2)

LIC NOMURA MF Tax Plan 1997 4 4 4 (4) 4 (4) 5 (4) 1 (1)

SBI Magnum Tax Gain Scheme 1993 4 4 4 (4) 2 (3) 2 (2) 4 (3)

Sundaram Taxsaver 4 4 4 (4) 5 (5) 3 (3) 2 (2)

DWS Tax Saving Fund 5 5 5 (5) 2 (3) 3 (4) 3 (3)

JM Tax Gain Fund 5 4 5 (4) 3 (2) 5 (5) 5 (2)

Principal Tax Saving Fund 5 5 5 (5) 3 (3) 1 (1) 2 (3)



15/32

1313

Index funds

Index funds

CRISIL Fund Rank

June - 11

Change vs

Mar - 11

CRISIL Fund Rank

Mar - 11

Weightages

Kotak Sensex ETF 1 2

Nifty Benchmark Exchange Traded Scheme - Nifty BeES 1 1

Franklin India Index Fund - BSE Sensex Plan 2 3

Kotak Nifty ETF 2 1

Principal Index Fund 2 2

UTI Master Index Fund 2 2

Franklin India Index Fund - NSE Nifty Plan 3 3

HDFC Index Fund - Sensex Plan 3 3

IDBI Nifty Index Fund 3 N.A

UTI Nifty Index Fund 3 3

Birla Sun Life Index Fund 4 4

HDFC Index Fund - Nifty Plan 4 4

ICICI Prudential Index Fund - Nifty Plan 4 3

SBI Magnum Index Fund 4 5

LIC NOMURA MF Index Fund - Nifty Plan 5 4

LIC NOMURA MF Index Fund - Sensex Plan 5 5


Thematic - Infrastructure funds

Thematic - Infrastructure funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar- 11

CRISIL

Fund Rank

Mar- 11

Superior

Return

Score

Industry

Concentration

Company



Birla Sun Life Basic Industries Fund 1 1 1 (1) 2 (1) 1 (1) 3 (3)

DSP BlackRock Natural Resources and New Energy Fund 1 2 1 (2) 5 (5) 3 (3) 2 (3)

AIG Infrastructure and Economic Reform Fund 2 2 2 (2) 1 (2) 3 (4) 2 (2)

Canara Robeco Infrastructure 2 2 2 (2) 3 (2) 4 (3) 3 (3)

HDFC Infrastructure Fund 2 1 2 (1) 4 (4) 5 (5) 3 (3)

Religare Infrastructure Fund 2 3 2 (3) 2 (3) 4 (3) 4 (4)

Birla Sun Life Infrastructure Fund 3 2 3 (2) 3 (2) 2 (2) 3 (4)

DSP BlackRock India T.I.G.E.R. Fund 3 3 3 (3) 3 (3) 1 (1) 3 (3)

ICICI Prudential Infrastructure Fund 3 3 3 (3) 4 (3) 3 (4) 2 (2)

LIC NOMURA MF Infrastructure Fund 3 3 3 (3) 3 (3) 5 (4) 1 (1)

Sundaram Select Thematic Funds Energy Opportunities 3 4 3 (4) 5 (5) 4 (4) 2 (2)

Tata Infrastructure Fund 3 3 3 (3) 4 (4) 2 (2) 3 (2)

HSBC Progressive Themes Fund 4 4 4 (4) 2 (2) 3 (3) 4 (5)

Reliance Diversied Power Sector Fund 4 4 4 (4) 4 (4) 3 (3) 4 (4)

SBI Infrastructure Fund - Series I 4 4 4 (4) 1 (1) 3 (3) 4 (4)

Sundaram CAPEX Opportunities Fund 4 3 4 (3) 3 (3) 2 (2) 5 (5)

JM Basic Fund 5 5 5 (5) 2 (3) 4 (5) 5 (3)

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




16/32


Balanced funds

Balanced funds

CRISIL

Fund RankJune - 11

Change

vsMar - 11

CRISIL

Fund RankMar - 11

Superior

ReturnScore

IndustryConcentration

CompanyConcentration

Debt Asset

QualityDebt

LiquidityEquity

Liquidity

Weightages 75% 10% 5% 5%*(100-K) 5%*(100-K) 10%*K

HDFC Balanced Fund 1 1 1 (1) 1 (2) 1 (1) 3 (3) 4 (4) 5 (5)

HDFC Prudence Fund 1 1 1 (1) 4 (4) 2 (3) 1 (1) 4 (3) 4 (4)

Birla Sun Life 95 Fund 2 2 2 (2) 2 (1) 2 (2) 2 (2) 3 (2) 3 (2)

Canara Robeco Balance 2 3 2 (3) 1 (1) 2 (2) 2 (2) 2 (2) 4 (3)

ICICI Prudential Balanced Fund 2 2 2 (2) 4 (3) 3 (3) 4 (2) 4 (4) 3 (4)

Tata Balanced Fund 2 2 2 (2) 4 (4) 3 (4) 2 (3) 1 (1) 5 (3)

DSP BlackRock Balanced Fund 3 3 3 (3) 2 (2) 1 (1) 4 (4) 2 (3) 4 (5)

FT India Balanced Fund 3 4 4 (4) 3 (3) 4 (4) 2 (2) 2 (3) 2 (2)

ICICI Prudential Equity and

Derivatives Fund - Volatility Advantage

Plan

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

Reliance Regular Savings Fund -

Balanced

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

UTI Balanced Fund 3 3 3 (3) 5 (5) 2 (2) 5 (5) 5 (5) 2 (3)

Kotak Balance 4 4 4 (4) 2 (2) 3 (2) 4 (4) 3 (4) 4 (3)

Principal Conservative Growth Fund 4 3 4 (3) 3 (3) 3 (3) 3 (4) 4 (4) 3 (4)

SBI Magnum Balanced Fund 4 4 5 (4) 2 (3) 4 (3) 4 (3) 2 (1) 1 (2)

Sundaram Balanced Fund 4 3 3 (3) 5 (5) 5 (4) 3 (3) 3 (3) 2 (1)

LIC NOMURA MF Balanced Fund -

Plan C

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

Principal Balanced Fund 5 5 5 (5) 3 (4) 4 (4) 3 (3) 3 (2) 2 (2)


K = Equity Component in Hybrid Funds


17/32

1515

Monthly Income Plan - Aggressive

Monthly Income Plan - Aggressive

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company

Concentration

Debt Asset

Quality Debt Liquidity

Equity

Liquidity

Modied

Duration/

Average

Maturity

Weightages 60% 5% 5% 17.5% 7.5%*(100-K) 7.5%*K 5%

HDFC Monthly Income Plan - LTP 1 1 1 (1) 4 (4) 3 (2) 3 (3) 2 (2) 4 (5) 3 (4)

Reliance Monthly Income Plan 1 1 1 (1) 3 (3) 2 (2) 4 (4) 4 (3) 4 (3) 4 (4)

Birla Sun Life MIP II - Wealth 25 Plan 2 2 3 (2) 3 (4) 3 (3) 2 (2) 4 (3) 3 (4) 4 (3)

Canara Robeco Monthly Income Plan 2 2 2 (2) 1 (2) 1 (3) 3 (3) 2 (3) 3 (3) 2 (2)

ICICI Prudential MIP 25 2 2 2 (2) 5 (5) 2 (3) 2 (2) 3 (3) 2 (3) 2 (2)

UTI MIS Advantage Plan 2 3 2 (2) 4 (3) 2 (2) 4 (4) 4 (4) 3 (4) 4 (4)

DSP BlackRock Savings Manager Fund 3 3 3 (3) 4 (3) 4 (4) 3 (3) 2 (2) 3 (1) 1 (1)

FT India Monthly Income Plan 3 3 3 (3) 4 (3) 3 (3) 3 (1) 3 (2) 2 (3) 3 (1)

HDFC Monthly Income Plan - STP 3 3 3 (3) 5 (5) 1 (1) 4 (4) 4 (4) 5 (4) 3 (3)

HSBC MIP - Savings 3 2 3 (3) 3 (3) 2 (2) 1 (1) 2 (2) 3 (4) 4 (3)

Kotak Monthly Income Plan 3 3 3 (3) 2 (2) 4 (3) 4 (4) 3 (3) 4 (3) 3 (3)

LIC NOMURA MF Floater MIP 3 3 2 (3) 3 (2) 3 (3) 5 (5) 5 (4) 1 (2) 3 (3)

Tata MIP Plus Fund 3 3 3 (3) 3 (4) 4 (4) 2 (3) 1 (1) 3 (3) 5 (5)

DWS Twin Advantage Fund 4 4 4 (4) 3 (4) 3 (4) 3 (3) 3 (5) 5 (5) 2 (2)

L&T Monthly Income Plan 4 4 4 (4) 2 (1) 3 (1) 2 (2) 3 (4) 3 (2) 1 (2)

SBI Magnum Income Plus Fund - Investment 4 4 4 (5) 2 (3) 5 (5) 1 (2) 1 (1) 2 (3) 3 (4)

Sundaram Monthly Income Plan - Moderate Plan 4 4 5 (5) 2 (2) 4 (3) 3 (3) 3 (3) 1 (1) 2 (3)

LIC NOMURA MF Monthly Income Plan 5 5 4 (4) 3 (3) 5 (5) 5 (5) 5 (5) 2 (2) 5 (5)

Principal MIP - MIP Plus 5 5 5 (4) 1 (1) 3 (4) 3 (3) 3 (3) 4 (2) 3 (3)

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

Monthly Income Plan - Conservative

Monthly Income Plan - Conservative

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL Fund

Rank

Mar - 11

Superior

Return

Score

Industry

Concentration

Company

Concentration

Debt Asset

Quality Debt Liquidity

Equity

Liquidity

Modied

Duration/

Average

Maturity

Weightages 60% 5% 5% 17.5% 7.5%*(100-K) 7.5%*K 5%

Birla Sun Life Monthly Income 1 1 1 (1) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 3 (2)

Birla Sun Life MIP 2 2 2 (2) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 4 (3)

ICICI Prudential MIP Plan 2 3 3 (3) 5 (5) 3 (3) 3 (4) 4 (4) 2 (3) 2 (2)

Birla Sun Life MIP II - Savings 5 Plan 3 3 3 (3) 2 (2) 4 (3) 2 (2) 4 (3) 3 (3) 4 (3)

HSBC MIP - Regular 3 3 4 (3) 3 (3) 1 (1) 1 (2) 2 (2) 2 (3) 3 (3)

SBI Magnum Monthly Income Plan 3 3 3 (3) 4 (4) 3 (2) 3 (1) 1 (1) 4 (4) 3 (4)

UTI Monthly Income Scheme 3 2 2 (2) 3 (3) 2 (2) 5 (5) 5 (4) 1 (2) 3 (4)

DWS Money Plus Advantage Fund 4 4 3 (4) 4 (4) 2 (4) 4 (3) 3 (5) 5 (5) 1 (1)

Principal MIP Accumulation Plan 4 4 4 (4) 1 (1) 3 (3) 4 (4) 3 (3) 4 (1) 2 (3)

Tata Monthly Income Fund 5 5 5 (5) 2 (3) 5 (5) 2 (3) 2 (2) 3 (2) 5 (5)


K = Equity Component in Hybrid Funds

HYBRID

FUND

S



18/32


Long Term Income funds

Long Term Income funds

CRISIL

Fund RankJune - 11

Change

vsMar - 11

CRISIL

Fund RankMar - 11

Superior

ReturnScore

Modied

Duration/Average Maturity

Debt

CompanyConcentration

Debt

SectoralConcentration

DebtLiquidity

Debt

AssetQuality

Weightages 60% 5% 5% 5% 7.5% 17.5%

BNP Paribas Bond Fund 1 1 1 (1) 1 (2) 2 (2) 5 (5) 5 (5) 5 (5)

HSBC Flexi Debt Fund 1 2 1 (2) 2 (2) 1 (3) 1 (1) 2 (2) 2 (2)

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

Birla Sun Life Income Fund 2 3 2 (3) 1 (1) 2 (3) 1 (1) 3 (3) 2 (2)

Canara Robeco Income Plan 2 1 2 (1) 3 (3) 3 (3) 1 (1) 2 (3) 1 (3)

Religare Active Income Fund 2 3 2 (3) 1 (1) 5 (5) 1 (1) 3 (4) 3 (4)

SBI Magnum Income Fund 2 3 2 (3) 3 (3) 2 (2) 1 (1) 2 (2) 3 (3)

Templeton India Income Builder

Account

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

Birla Sun Life Income Plus 3 2 3 (2) 5 (2) 4 (3) 1 (1) 2 (3) 3 (2)

BNP Paribas Flexi Debt Fund 3 3 3 (3) 2 (3) 5 (4) 4 (4) 4 (5) 4 (5)

HDFC High Interest Fund 3 1 3 (2) 4 (4) 1 (1) 1 (1) 3 (3) 1 (1)

HDFC Income Fund 3 2 3 (2) 4 (4) 1 (2) 1 (1) 1 (1) 2 (1)

ICICI Prudential Income Opportunities

Fund3 2 4 (2) 3 (3) 3 (1) 1 (1) 3 (2) 3 (3)

ICICI Prudential Long Term Plan 3 4 3 (3) 2 (2) 3 (4) 4 (4) 4 (4) 2 (3)

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

Reliance Dynamic Bond Fund 3 3 3 (4) 3 (4) 4 (4) 1 (1) 1 (1) 2 (3)

Templeton India Income Fund 3 4 3 (4) 2 (2) 2 (1) 5 (5) 5 (4) 4 (3)

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

IDFC Super Saver Income Fund -

Investment Plan4 4 4 (4) 5 (3) 2 (2) 1 (1) 3 (3) 3 (2)

Kotak Bond Regular 4 2 4 (2) 5 (5) 3 (4) 1 (1) 3 (3) 4 (4)

LIC NOMURA MF Bond Fund 4 3 3 (3) 4 (4) 3 (3) 1 (1) 4 (4) 5 (5)

Reliance Income Fund 4 3 4 (3) 3 (5) 4 (3) 1 (1) 1 (1) 3 (3)

Fidelity Flexi Bond Fund 5 5 5 (5) 3 (1) 4 (5) 1 (1) 3 (3) 4 (4)

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

Tata Income Fund 5 5 5 (5) 3 (3) 4 (3) 1 (1) 4 (3) 3 (3)



19/32


Short Term Income Funds

Short Term Income Funds

CRISILFund Rank

June - 11

Changevs

Mar - 11

CRISILFund Rank

Mar - 11

Mean

Return Volatility

Company

Concentration

Sectoral

Concentration

Asset

Quality

Modied

Duration/Average

Maturity Liquidity

Weightages 42.5% 15.0% 5.0% 5.0% 15.0% 7.5% 10.0%

HDFC Short Term Opportunities Fund 1 N.A 1 1 5 1 2 1

JM Short Term Fund 1 2 1 (2) 2 (2) 3 (5) 1 (1) 2 (2) 1 (2) 3 (3)

JPMorgan India Short Term IncomeFund

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

Morgan Stanley Short Term Bond Fund 1 1 2 (2) 1 (1) 2 (1) 1 () 2 (2) 2 (1) 1 (1)

AIG Short Term Fund 2 2 2 (3) 3 (3) 5 (5) 1 (1) 1 (2) 2 (2) 1 (1)

Axis Short Term Fund 2 2 3 (3) 3 (2) 4 (3) 1 (1) 1 (2) 3 (1) 1 (2)

Birla Sun Life Medium Term Plan 2 3

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

Canara Robeco Short Term Fund 2 3 2 (3) 2 (2) 4 (3) 1 (1) 3 (2) 2 (2) 2 (3)

HSBC Income Fund - Short Term Plan 2 2 3 (2) 2 (2) 1 (4) 1 (1) 2 (1) 2 (2) 2 (1)

Religare Credit Opportun ities Fund 2 3 3 (3) 1 (1) 4 (4) 1 (3) 2 (4) 1 (2) 5 (3)

Taurus Short Term Income Fund 2 2 1 (1) 1 (1) 3 (4) 1 (1) 3 (3) 2 (2) 4 (5)

Birla Sun Life Dynamic Bond Fund Plan 3 3 3 (3) 4 (4) 2 (2) 4 (4) 3 (3) 5 (4) 3 (4)

BNP Paribas Short Term Income

Fund Plan3 N.A 3 3 4 1 3 2 2

DSP BlackRock Short Term Fund 3 1 2 (2) 2 (2) 4 (3) 1 (1) 3 (1) 3 (3) 2 (2)

DWS Short Maturity Fund 3 3 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 4 (4)


Short Term

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

ING Short Term Income Fund 3 3 2 (2) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3) 3 (2)

Religare Short Term Plan 3 4 5 3 4 1 2 2 2

SBI Short Horizon Debt Fund - ShortTerm Fund

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

Sundaram Flexible Fund - Short

Term Plan3 3 3 (4) 3 (2) 3 (3) 1 (1) 3 (3) 3 (3) 3 (3)

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

HDFC Short Term Plan 4 3 4 (4) 5 (4) 2 (3) 4 (4) 4 (3) 3 (3) 3 (3)

ICICI Prudential Short Term Plan 4 4 4 (4) 4 (4) 2 (3) 3 (3) 4 (3) 4 (4) 4 (4)


Medium Term4 3 4 (3) 4 (5) 5 (4) 1 (1) 3 (3) 5 (5) 3 (3)

Kotak Bond Short Term Plan 4 5 5 (5) 3 (3) 3 (4) 4 (1) 3 (4) 3 (3) 4 (3)

Kotak Credit Opportunities Fund 4 N.A 4 2 4 5 4 3 4

Principal Income Fund - Short Term Plan 4 3 4 (2) 2 (3) 5 (5) 4 (4) 4 (4) 4 (3) 4 (4)

Reliance Short Term Fund 4 3 5 (3) 4 (4) 2 (2) 4 (1) 4 (3) 4 (5) 3 (3)

HDFC High Interest Fund - Short

Term Plan5 4 4 (4) 5 (5) 2 (1) 4 (4) 5 (4) 4 (4) 4 (3)

Reliance Regular Savings Fund - Debt 5 5 5 (4) 4 (4) 1 (2) 5 (4) 5 (5) 4 (4) 5 (4)

Templeton India Income

Opportunities Fund5 5 3 (3) 5 (5) 1 (2) 5 (5) 5 (5) 3 (3) 5 (5)

Templeton India Short Term Income

Plan5 4 3 (5) 3 (3) 3 (3) 5 (4) 5 (4) 3 (3) 5 (4)


DEBTFUN

DS


20/32


Liquid funds

Liquid funds

CRISIL

Fund Rank

June- 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size DRP

Asset

Quality

Company


Weightages 42.5% 10.0% 5.0% 5.0% 20.0% 5.0% 12.5%

ICICI Prudential Liquid Plan 1 2 4 (4) 3 (4) 1 (1) 4 (3) 1 (1) 1 (1) 2 (2)

Principal Cash Management Fund 1 1 2 (3) 1 (1) 4 (4) 2 (1) 3 (3) 1 (3) 3 (4)

SBI Magnum InstaCash - Liquid Floater Plan 1 2 1 (1) 2 (3) 5 (5) 1 (3) 2 (3) 2 (3) 2 (3)

HDFC Cash Management Fund - Savings Plan 2 2 2 (2) 4 (4) 3 (3) 3 (4) 4 (3) 2 (2) 1 (1)

HDFC Liquid Fund 2 3 3 (2) 4 (4) 2 (2) 3 (4) 4 (3) 1 (2) 2 (1)

IDFC Cash Fund 2 1 3 (3) 1 (1) 2 (2) 3 (1) 3 (2) 3 (4) 3 (2)

Reliance Liquid Fund - Cash Plan 2 N.A 2 2 2 2 3 5 2

SBI Magnum InstaCash 2 1 2 (1) 2 (2) 3 (3) 2 (1) 2 (1) 1 (2) 3 (2)

Birla Sun Life Cash Plus 3 4 4 (4) 3 (4) 1 (1) 3 (5) 4 (3) 4 (3) 3 (3)

DSP BlackRock Liquidity Fund 3 4 2 (2) 4 (5) 3 (2) 3 (4) 2 (2) 3 (4) 3 (3)

Fidelity Cash Fund 3 N.A 4 4 5 4 1 3 2

HSBC Cash Fund 3 4 5 (5) 3 (3) 5 (5) 5 (4) 1 (1) 1 (1) 1 (1)

JM High Liquidity Fund 3 3 1 (1) 2 (2) 3 (3) 1 (1) 4 (4) 3 (4) 5 (5)

L&T Liquid Fund 3 3 3 (3) 3 (3) 4 (4) 2 (1) 2 (2) 3 (3) 4 (4)

Liquid Benchmark Exchange Traded Scheme -

Liquid BeES3 3 5 (5) 1 (1) 4 (5) 5 (1) 4 (5) 3 (2) 1 (2)

UTI Liquid Cash Plan 3 2 4 (4) 3 (2) 1 (1) 4 (1) 3 (3) 3 (3) 3 (3)

Kotak Floater - Short Term 4 5 1 (2) 5 (5) 2 (3) 1 (5) 5 (3) 4 (4) 5 (5)

LIC NOMURA MF Liquid Fund 4 3 3 (2) 3 (3) 3 (3) 3 (3) 5 (5) 5 (3) 3 (3)

Reliance Liquid Fund - Treasury Plan 4 4 3 (3) 2 (3) 3 (4) 2 (1) 3 (3) 5 (5) 3 (4)

Taurus Liquid Fund 4 N.A 3 5 3 3 2 3 5

UTI Money Market Fund 4 3 4 (4) 3 (2) 4 (4) 4 (1) 4 (3) 4 (4) 4 (3)

DWS Insta Cash Plus Fund 5 5 3 (3) 4 (4) 2 (3) 3 (4) 3 (5) 1 (1) 4 (5)

Sundaram Money Fund 5 4 5 (5) 3 (3) 4 (4) 5 (3) 3 (2) 4 (5) 4 (2)

Templeton India Treasury Management Account 5 5 3 (4) 5 (5) 3 (2) 4 (5) 3 (2) 4 (5) 4 (4)



21/32


Liquid funds - Institutional

Liquid funds - Institutional

CRISIL

Fund Rank

June- 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size DRP

Asset

Quality

Company


Weightages 42.5% 10.0% 5.0% 5.0% 20.0% 5.0% 12.5%

ICICI Prudential Liquid Plan - Institutional Plus 1 2 5 (4) 3 (3) 1 (1) 5 (3) 1 (1) 1 (2) 1 (1)

SBI Premier Liquid Fund - Institutional 1 1 2 (3) 1 (2) 2 (3) 2 (3) 3 (2) 1 (1) 3 (2)

Canara Robeco Liquid - Institutional 2 2 5 (5) 1 (1) 4 (4) 5 (1) 2 (3) 1 (3) 3 (4)

Tata Liquid Fund - SHIP 2 2 1 (2) 3 (2) 2 (2) 1 (1) 5 (3) 4 (2) 2 (3)

UTI Liquid Cash Plan - Institutional Plan 2 1 3 (3) 2 (1) 2 (2) 3 (1) 3 (3) 3 (3) 2 (2)

Axis Liquid Fund - Institutional 3 4 2 (2) 4 (4) 3 (2) 2 (3) 2 (3) 1 (2) 4 (4)

Birla Sun Life Cash Plus - Institutional 3 4 4 (5) 3 (3) 1 (1) 4 (4) 4 (3) 4 (3) 1 (1)

BNP Paribas Overnight Fund - Institutional Plan 3 3 1 (1) 3 (3) 4 (5) 1 (3) 2 (5) 3 (3) 5 (5)

DSP BlackRock Liquidity Fund - Institutional Plan 3 3 2 (2) 5 (5) 3 (3) 3 (3) 1 (2) 3 (4) 3 (2)

Reliance Liquid Fund - Treasury Plan - Institutional 3 3 3 (4) 2 (3) 3 (3) 3 (1) 4 (3) 5 (4) 3 (4)

BARODA PIONEER Liquid Fund - Institutional 4 5 3 (3) 4 (4) 3 (4) 3 (4) 3 (3) 3 (5) 2 (3)

DWS Insta Cash Plus Fund - Institutional 4 5 4 (4) 4 (3) 3 (3) 4 (4) 3 (5) 1 (1) 5 (5)

UTI Money Market Fund - Institutional 4 3 3 (3) 2 (2) 4 (3) 3 (1) 4 (3) 4 (3) 3 (3)

Daiwa Liquid Fund - Institutional 5 3 4 (3) 3 (4) 5 (5) 4 (4) 3 (1) 5 (5) 4 (3)

JPMorgan India Liquid Fund - Super Insti tutional Plan 5 4 3 (1) 5 (5) 5 (4) 2 (5) 5 (2) 3 (4) 4 (3)


Liquid funds - Super institutional

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size DRP

Asset

Quality

Company


Weightages 42.5% 10.0% 5.0% 5.0% 20.0% 5.0% 12.5%

ICICI Prudential Liquid Plan - Super Institutional 1 2 3 (3) 3 (3) 1 (1) 4 (3) 1 (1) 1 (2) 1 (2)

IDFC Cash Fund - Plan C - (Super Institutional) 1 1 2 (3) 1 (1) 2 (3) 2 (1) 3 (3) 4 (3) 2 (2)

Canara Robeco Liquid - Super Institutional 2 2 2 (3) 1 (2) 4 (3) 1 (1) 2 (2) 1 (3) 3 (3)

HDFC Liquid Fund - Premium Plus Plan 2 3 5 (4) 3 (3) 2 (2) 5 (3) 4 (3) 1 (2) 1 (1)

Reliance Liquidity Fund 2 2 2 (4) 2 (3) 2 (2) 3 (1) 2 (3) 4 (3) 3 (3)

SBI Premier Liquid Fund - Super Institutional 2 2 3 (2) 2 (2) 2 (3) 3 (3) 3 (2) 1 (2) 2 (3)

Birla Sun Life Cash Plus - Institutional Premium 3 3 3 (3) 3 (3) 1 (1) 5 (4) 4 (3) 5 (3) 2 (3)

Fidelity Cash Fund - Super Institutional Plan 3 3 4 (4) 4 (3) 5 (5) 4 (3) 1 (3) 4 (4) 2 (2)

JM High Liquidity Fund - Super Institutional 3 3 1 (2) 2 (2) 4 (3) 1 (1) 4 (4) 3 (4) 5 (5)

L&T Liquid Fund - Super Institutional 3 3 3 (5) 2 (2) 4 (4) 2 (1) 3 (3) 3 (3) 4 (3)

Kotak Liquid Institutional Premium Plan 4 4 5 (3) 4 (4) 3 (2) 4 (4) 2 (3) 3 (2) 4 (4)

Religare Liquid Fund - Super Institutional 4 4 4 (3) 4 (4) 3 (3) 3 (4) 4 (3) 3 (3) 3 (3)

Sundaram Money Fund - Super Institutional 4 3 4 (3) 3 (3) 5 (4) 2 (3) 4 (2) 5 (5) 3 (3)

Taurus Liquid Fund - Super Institutional 4 4 1 (4) 5 (5) 4 (4) 2 (5) 2 (2) 2 (3) 5 (4)

DWS Insta Cash Plus Fund - Super Institutional 5 5 4 (2) 4 (4) 3 (3) 3 (3) 4 (5) 1 (1) 4 (4)

Templeton India Treasury Management Account - Super

Institutional Plan5 4 2 (2) 5 (4) 3 (2) 4 (4) 3 (3) 4 (4) 4 (4)


Liquid funds - Super Institutional


22/32


Ultra Short-term Debt funds

Ultra Short-term Debt funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size

Modied

Duration/

Average

Maturity DRP

Asset

Quality

Company


Weightages 37.5% 15.0% 5.0% 7.5% 5.0% 15.0% 5.0% 10.0%

Birla Sun Life Ultra Short Term Fund 1 1 3 (3) 2 (3) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 1 (2)

DSP BlackRock Money Manager Fund 1 2 3 (3) 2 (2) 3 (3) 2 (1) 3 (3) 1 (2) 2 (2) 3 (3)

HDFC Cash Management Fund -Treasury Advantage Plan

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

SBI Short Horizon Debt Fund - U ltraShort Term Fund

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

Birla Sun Life Cash Manager 2 2 3 (3) 2 (3) 2 (3) 3 (3) 3 (4) 3 (3) 3 (4) 2 (2)

Birla Sun Life Floating Rate Fund -Long Term

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

Birla Sun Life Savings Fund 2 3 3 (3) 3 (3) 2 (2) 4 (4) 3 (3) 3 (3) 3 (2) 3 (3)

HDFC Floating Rate Income Fund -Short Term Plan

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

ICICI Prudential Flexible Income Plan 2 3 4 (4) 2 (2) 1 (1) 2 (2) 3 (4) 4 (4) 3 (2) 3 (3)

ICICI Prudential Floating Rate Plan -Option A

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

IDFC Money Manager Fund - TreasuryPlan

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

Tata Floater Fund 2 2 1 (2) 4 (4) 2 (2) 3 (3) 1 (1) 3 (3) 3 (1) 2 (3)

Axis Treasury Advantage Fund 3 3 3 (3) 2 (2) 3 (4) 3 (3) 3 (2) 3 (2) 3 (3) 4 (3)

Canara Robeco Treasury AdvantageFund

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

Daiwa Treasury Advantage Fund 3 N.A 3 3 5 2 3 1 4 3

Fidelity Ultra Short Term Debt Fund 3 3 3 (3) 2 (2) 4 (4) 3 (3) 4 (3) 2 (1) 2 (3) 3 (3)

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

JM Money Manager Fund 3 3 1 (1) 4 (4) 5 (5) 1 (3) 1 (1) 3 (3) 5 (5) 3 (3)

JM Money Manager Fund - Super Plan 3 2 1 (1) 4 (4) 5 (5) 3 (2) 1 (1) 3 (3) 5 (4) 5 (4)

JM Money Manager Fund - Super PlusPlan

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

Kotak Floater - Long Term 3 4 2 (2) 3 (4) 2 (2) 4 (4) 1 (2) 3 (4) 3 (3) 4 (4)

L&T Ultra Short Term Fund 3 3 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2) 1 (2) 4 (4)

LIC NOMURA MF Savings Plus Fund 3 4 5 (4) 4 (4) 4 (3) 1 (2) 5 (3) 4 (5) 4 (3) 1 (4)

Reliance Money Manager Fund 3 3 3 (3) 3 (3) 1 (1) 3 (3) 3 (4) 4 (4) 1 (2) 3 (3)

Religare Ultra Short Term Fund 3 N.A 3 3 3 3 2 4 3 3

Templeton India Ultra-short Bond Fund 3 3 2 (2) 4 (3) 2 (2) 2 (1) 3 (2) 4 (4) 1 (3) 4 (4)

UTI Floating Rate Fund - STP 3 3 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 2 (3) 3 (3) 3 (3)

UTI Treasury Advantage Fund 3 3 3 (3) 3 (3) 1 (1) 4 (4) 3 (3) 3 (4) 3 (3) 3 (3)

BNP Paribas Money Plus Fund 4 5 2 (2) 3 (3) 4 (3) 3 (4) 2 (2) 5 (5) 1 (3) 5 (5)

DSP BlackRock Floating Rate Fund 4 3 4 (4) 3 (2) 4 (4) 5 (4) 4 (4) 2 (2) 4 (4) 2 (2)

DWS Ultra Short Term Fund 4 4 3 (4) 3 (3) 3 (4) 3 (3) 4 (4) 4 (4) 1 (1) 4 (4)

HSBC Ultra Short Term Bond Fund 4 4 5 (5) 5 (5) 5 (5) 2 (3) 5 (5) 1 (1) 5 (5) 1 (1)

LIC NOMURA MF Income Plus Fund 4 5 4 (4) 3 (3) 3 (2) 1 (3) 4 (3) 5 (5) 4 (4) 3 (5)

Principal Near-Term Fund -Conservative Plan

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

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

Taurus Ultra Short Term Bond Fund 4 N.A 2 4 3 5 2 3 3 5

IDFC Money Manager Fund -Investment Plan

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

Kotak Flexi Debt 5 5 4 (5) 2 (1) 3 (3) 4 (5) 4 (5) 4 (4) 3 (3) 5 (4)

Reliance Floating Rate Fund - ShortTerm Plan

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

Reliance Medium Term Fund 5 4 2 (2) 5 (5) 3 (3) 4 (5) 4 (3) 5 (4) 4 (4) 3 (3)



23/32


Ultra Short-term Debt funds - Institutional

Ultra Short-term Debt funds-Institutional

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size

Modied

Duration/

Average

Maturity DRP

Asset

Quality

Company


Weightages 37.5% 15.0% 5.0% 7.5% 5.0% 15.0% 5.0% 10.0%

Birla Sun Life Ultra Short Term Fund -

Institutional1 1 2 (2) 2 (2) 3 (3) 4 (3) 1 (2) 3 (3) 4 (4) 1 (1)

HDFC Cash Management Fund - Treasury

Advantage Plan - Wholesale Option1 1 4 (4) 2 (1) 1 (1) 1 (2) 4 (4) 3 (4) 1 (2) 1 (1)

ICICI Prudential Flexible Income Plan

Premium1 3 3 (2) 2 (2) 1 (1) 2 (3) 4 (3) 4 (5) 3 (2) 3 (3)

SBI Short Horizon Debt Fund - Ultra Short

Term Fund - Institutional1 1 3 (3) 4 (3) 2 (2) 2 (3) 2 (2) 1 (1) 1 (2) 3 (3)

Bir la Sun Life Cash Manager - Insti tutional 2 2 2 (3) 2 (3) 2 (2) 4 (3) 3 (3) 2 (3) 3 (4) 1 (2)

Birla Sun Life Floating Rate Fund - Long

Term - Institutional2 1 1 (1) 3 (4) 5 (3) 3 (3) 1 (1) 3 (3) 4 (4) 2 (1)

Canara Robeco Treasury Advantage Fund -

Institutional2 3 4 (4) 1 (1) 3 (2) 3 (3) 4 (5) 1 (2) 1 (3) 4 (4)

HDFC Floating Rate Income Fund - Short

Term Plan - Wholesale2 2 3 (3) 3 (3) 2 (3) 2 (1) 4 (3) 4 (4) 1 (1) 1 (1)

IDFC Money Manager Fund - Treasury Plan

- Plan B - (Institutional)2 2 3 (3) 1 (1) 2 (2) 4 (4) 3 (3) 2 (3) 4 (3) 2 (2)

ING Treasury Advantage Fund - Institutional 2 2 4 (4) 1 (2) 5 (4) 1 (1) 1 (3) 3 (3) 3 (2) 3 (3)

UTI Floating Rate Fund - STP - Inst itut ional 2 3 1 (1) 5 (4) 3 (2) 3 (4) 1 (1) 2 (3) 4 (3) 2 (2)

Birla Sun Life Savings Fund - Institutional 3 3 2 (2) 2 (2) 2 (2) 5 (4) 3 (2) 3 (4) 3 (2) 3 (3)

Edelweiss Ultra Short Term Bond Fund -

Institutional3 N.A 4 3 5 2 2 2 5 2

Fidelity Ultra Short Term Debt Fund -

Institutional3 2 3 (3) 3 (2) 4 (3) 3 (3) 3 (3) 1 (1) 2 (3) 3 (3)

HSBC Floating Rate Fund - Long Term Plan- Institutional

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

JPMorgan India Treasury Fund - Super

Institutional Plan3 2 4 (3) 3 (3) 4 (4) 3 (1) 2 (2) 1 (2) 3 (4) 4 (3)

L&T Ultra Short Term Fund - Institutional 3 3 3 (4) 4 (3) 3 (3) 1 (2) 3 (3) 2 (1) 1 (3) 4 (4)

Reliance Money Manager Fund - Institutional 3 3 3 (3) 3 (3) 1 (1) 3 (4) 4 (4) 4 (4) 1 (2) 3 (3)

Templeton India Ultra-short Bond Fund -

Institutional3 3 3 (2) 4 (4) 2 (2) 1 (2) 2 (3) 4 (4) 1 (3) 5 (4)

UTI Treasury Advantage Fund - Institutional 3 3 2 (2) 4 (4) 1 (1) 4 (5) 3 (2) 4 (4) 3 (3) 3 (3)

Axis Treasury Advantage Fund - Institutional 4 4 4 (4) 1 (5) 3 (3) 3 (3) 3 (4) 2 (2) 3 (3) 4 (4)

BNP Paribas Money Plus Fund - Institutional

Plan4 5 2 (3) 3 (2) 4 (3) 2 (4) 3 (1) 5 (5) 1 (3) 5 (5)

DWS Ultra Short Term Fund - Institut ional 4 4 1 (2) 4 (3) 3 (4) 3 (3) 3 (3) 4 (4) 1 (1) 4 (4)

Kotak Flexi Debt - Institutional 4 4 2 (3) 3 (3) 3 (3) 5 (5) 4 (3) 4 (5) 3 (4) 5 (5)

Religare Ultra Short Term Fund - Institutional 4 4 2 (2) 3 (4) 2 (3) 3 (3) 2 (2) 5 (5) 3 (3) 4 (5)

Sundaram Ultra Short Term Fund -

Institutional4 4 5 (5) 4 (3) 3 (3) 4 (4) 5 (4) 3 (1) 1 (2) 4 (4)

Tata Treasury Manager Fund - SHIP 4 3 1 (1) 4 (4) 4 (5) 2 (2) 2 (2) 3 (3) 5 (4) 2 (2)

Baroda Pioneer Treasury Advantage Fund -

Institutional5 4 3 (3) 2 (2) 4 (4) 4 (4) 4 (4) 3 (3) 5 (5) 5 (5)

DSP BlackRock Strategic Bond Fund -

Institutional5 5 5 (5) 5 (5) 4 (5) 5 (5) 5 (5) 5 (2) 5 (5) 2 (2)

DWS Treasury Fund - Investment Plan -

Institutional5 4 5 (5) 5 (4) 5 (5) 4 (2) 5 (4) 5 (3) 4 (1) 3 (4)

IDFC Money Manager Fund - Investment

Plan - Plan B - (Institutional)5 5 5 (4) 5 (5) 3 (5) 5 (5) 5 (5) 3 (2) 4 (5) 2 (2)



24/32


Long Term Gilt funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return

Score

Modied

Duration/

Average Maturity Liquidity

Asset

Quality

Weightages 75% 5% 12.5% 7.5%

Birla Sun Life Govt Securities Long Term Plan 1 1 1 (1) 2 (1) 2 (1) 1 (1)

UTI Gilt Advantage Fund - Long Term Plan 1 3 1 (2) 1 (2) 4 (5) 1 (1)

HDFC Gilt Fund - Long Term Plan 2 1 2 (2) 3 (4) 3 (3) 1 (1)

ICICI Prudential Gilt - Investment 2 2 3 (2) 3 (3) 4 (3) 1 (1)

ICICI Prudential Gilt - Treasury - PF Option - AAPP 2 2 2 (2) 1 (2) 5 (4) 1 (1)

Kotak Gilt - Investment 2 2 2 (1) 5 (5) 5 (5) 5 (4)

Birla Sun Life Gilt Plus Plan 3 3 3 (3) 2 (1) 2 (2) 1 (1)Canara Robeco Gilt PGS 3 3 3 (3) 2 (3) 2 (3) 1 (1)

ICICI Prudential Gilt - Investment - PF Option 3 2 3 (3) 4 (3) 3 (3) 1 (1)

LIC NOMURA MF G-Sec Fund 3 3 2 (3) 2 (3) 2 (2) 5 (5)

Reliance Gilt Securities Fund 3 4 3 (4) 3 (4) 1 (3) 1 (1)

SBI Magnum Gilt Fund - Long Term 3 4 3 (4) 4 (4) 1 (1) 1 (1)

Tata Gilt Securities Fund 3 3 3 (3) 5 (4) 4 (4) 4 (5)

DSP BlackRock Govt Sec Fund 4 3 4 (3) 4 (5) 3 (4) 1 (1)

Principal Government Securities Fund 4 3 4 (3) 4 (3) 4 (4) 1 (1)

Templeton India G-Sec Fund - Composite Plan 4 4 4 (4) 3 (3) 3 (3) 1 (1)

Templeton India G-Sec Fund - Long Term Plan 4 4 4 (4) 3 (3) 3 (3) 1 (1)

Fidelity Flexi Gilt Fund 5 5 5 (5) 3 (2) 3 (2) 1 (1)

UTI G-Sec Fund 5 5 5 (5) 3 (2) 3 (2) 1 (1)


Long Term Gilt funds

Ultra Short-term Debt funds - Super institutional

Ultra Short-term Debt funds -

Super institutional

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

Asset

Size

Modied

Duration/

Average

Maturity DRP

Asset

Quality

Company


Weightages 37.5% 15.0% 5.0% 7.5% 5.0% 15.0% 5.0% 10.0%

ICICI Prudential Floating Rate Plan -

Option D1 2 3 (4) 3 (3) 2 (1) 2 (2) 4 (4) 1 (1) 3 (4) 1 (2)

DSP BlackRock Money Manager Fund -

Institutional Plan2 1 4 (5) 2 (1) 3 (2) 3 (1) 3 (4) 2 (2) 3 (1) 3 (2)

IDFC Money Manager Fund - Treasury

Plan - Plan C - (Super Institutional)2 1 4 (4) 2 (2) 1 (1) 3 (4) 4 (4) 3 (4) 4 (2) 3 (1)

Canara Robeco Treasury Advantage Fund -

Super Institutional3 2 3 (2) 1 (1) 3 (2) 3 (3) 2 (2) 2 (3) 1 (2) 3 (4)

Fidelity Ultra Short Term Debt Fund - Super

Institutional3 2 3 (2) 3 (2) 4 (5) 3 (2) 3 (2) 3 (1) 3 (3) 3 (3)

ICICI Prudential Banking & PSU Debt Fund- Premium Plus

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

Templeton India Ultra-short Bond Fund -

Super Institutional3 4 3 (2) 4 (4) 2 (2) 2 (1) 2 (3) 5 (5) 1 (2) 4 (4)

DSP BlackRock Floating Rate Fund -

Institutional4 4 5 (5) 3 (2) 5 (4) 5 (4) 5 (5) 3 (2) 4 (5) 2 (2)

Sundaram Ultra Short Term Fund - Super

Institutional4 4 2 (3) 4 (4) 3 (3) 4 (5) 3 (2) 4 (2) 1 (1) 4 (4)

Taurus Ultra Short Term Bond Fund - Super

Institutional5 5 1 (1) 5 (5) 3 (4) 4 (5) 3 (1) 4 (4) 3 (4) 5 (5)



25/32


Consistent Performers - Equity funds

CRISIL

Fund RankJune - 11

Change

vsMar - 11

CRISIL

Fund RankMar - 11

SuperiorReturn Score

CRISIL

RankPerformance

Weightages 50% 50%

Birla Sun Life Dividend Yield Plus 1 N.A 1 2

DSP BlackRock Equity Fund 1 1 2 (2) 1 (1)

HDFC Equity Fund 1 1 1 (1) 1 (2)

HDFC Top 200 Fund 1 1 1 (1) 1 (1)

ICICI Prudential Discovery Fund 1 N.A 1 2

UTI Master Value Fund 1 1 1 (1) 2 (2)

Birla Sun Life Frontline Equity Fund 2 2 2 (2) 1 (1)

Canara Robeco Equity Diversied 2 N.A 2 2

DSP BlackRock Top 100 Equity Fund 2 2 2 (2) 1 (1)

Franklin India Bluechip Fund 2 2 2 (2) 2 (3)

HDFC Capital Builder Fund 2 2 2 (2) 3 (3)

HDFC Core and Satellite Fund 2 N.A 2 3

HDFC Growth Fund 2 2 2 (2) 2 (2)

Reliance Growth Fund 2 2 3 (3) 1 (2)

Sundaram Select Midcap 2 N.A 2 3

Templeton India Growth Fund 2 2 2 (2) 2 (2)

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

Birla Sun Life Basic Industries Fund 3 3 4 (4) 2 (2)

Birla Sun Life Midcap Fund 3 3 3 (3) 3 (3)

DSP BlackRock Opportunities Fund 3 3 3 (3) 3 (3)

DWS Alpha Equity Fund 3 3 3 (3) 2 (2)

Franklin India Prima Fund 3 3 3 (3) 4 (4)

Franklin India Prima Plus 3 3 3 (3) 4 (3)

ICICI Prudential Top 100 Fund 3 3 3 (3) 3 (3)

ICICI Prudential Top 200 Fund 3 3 4 (3) 3 (3)

Kotak 50 3 3 3 (3) 3 (3)

Kotak Opportunities 3 N.A 3 3

SBI Magnum Equity Fund 3 3 3 (3) 3 (3)

Sundaram Growth Fund 3 N.A 3 3

Sundaram India Leadership Fund 3 N.A 3 3

Tata Equity PE Fund 3 N.A 3 3

Tata Pure Equity Fund 3 3 3 (3) 3 (3)

Tata Select Equity Fund 3 3 3 (3) 4 (4)

UTI Mastershare Unit Scheme 3 3 3 (3) 3 (3)

UTI Thematic - Mid Cap Fund 3 3 2 (2) 4 (4)

Birla Sun Life Equity Fund 4 4 5 (4) 4 (3)

HSBC Equity Fund 4 4 4 (4) 4 (4)

HSBC India Opportunities Fund 4 4 4 (4) 4 (4)

ING Domestic Opportunities Fund 4 N.A 4 4

LIC NOMURA MF Equity Fund 4 4 4 (4) 5 (5)

Reliance Vision Fund 4 4 4 (3) 4 (4)

SBI Magnum Global Fund 4 4 3 (4) 4 (3)

SBI Magnum Multiplier Plus Scheme 1993 4 3 3 (3) 3 (3)

SBI Magnum Sector Umbrella - Contra Fund 4 3 4 (3) 3 (3)

Sundaram Select Focus 4 N.A 4 3

UTI Master Plus Unit Scheme 4 5 4 (4) 5 (5)

Birla Sun Life Advantage Fund 5 4 4 (4) 5 (5)

BNP Paribas Equity Fund 5 N.A 5 5

DSP BlackRock India T.I.G.E.R. Fund 5 4 5 (5) 2 (2)

Franklin India Opportunities Fund 5 5 5 (5) 5 (4)

Principal Growth Fund 5 5 5 (5) 5 (5)

UTI Infrastructure Fund 5 5 5 (5) 4 (4)


Consistent Performers - Equity funds

CONSISTENTPE

RFORMERS


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Consistent Performers - Balanced funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return Score

CRISIL

Rank

Performance

Weightages 50% 50%

DSP BlackRock Balanced Fund 1 1 2 (2) 2 (1)

HDFC Prudence Fund 1 1 1 (1) 1 (1)

Birla Sun Life 95 Fund 2 2 2 (1) 2 (2)

HDFC Balanced Fund 2 2 1 (2) 2 (2)

Tata Balanced Fund 2 2 2 (2) 1 (2)

Canara Robeco Balance 3 3 3 (3) 3 (3)

FT India Balanced Fund 3 3 3 (3) 3 (3)

ICICI Prudential Balanced Fund 3 4 3 (3) 4 (4)

Sundaram Balanced Fund 3 3 3 (3) 4 (4)

Kotak Balance 4 4 5 (4) 3 (3)

SBI Magnum Balanced Fund 4 3 4 (4) 3 (3)

UTI Balanced Fund 4 4 4 (4) 5 (5)

LIC NOMURA MF Balanced Fund - Plan C 5 5 4 (5) 5 (5)

Principal Balanced Fund 5 5 5 (5) 4 (4)


Consistent Performers - Balanced funds

Consistent Performers - Debt funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Superior

Return Score

CRISIL

Rank

Performance

Weightages 50% 50%

Birla Sun Life Income Fund 1 2 1 (1) 2 (2)

Birla Sun Life Income Plus 1 1 1 (1) 1 (1)

Kotak Bond Regular 2 1 2 (2) 1 (1)

Reliance Income Fund 2 2 2 (2) 2 (2)

UTI Bond Fund 2 3 2 (3) 3 (3)

HDFC Income Fund 3 3 3 (3) 3 (3)

ICICI Prudential Income Plan 3 2 4 (2) 2 (2)

IDFC Super Saver Income Fund - Investment Plan 3 3 3 (3) 3 (3)

HDFC High Interest Fund 4 4 4 (4) 4 (3)

LIC NOMURA MF Bond Fund 4 3 3 (3) 4 (4)

Templeton India Income Fund 4 4 4 (4) 4 (4)

DSP BlackRock Bond Fund 5 5 5 (5) 5 (4)

SBI Magnum Income Fund 5 5 5 (5) 5 (5)


Consistent Performers - Debt funds


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Consistent Performers - Liquid funds

CRISIL

Fund Rank

June - 11

Change

vs

Mar - 11

CRISIL

Fund Rank

Mar - 11

Mean

Return Volatility

CRISIL

Rank

Performance

Weightages 30% 20% 50%

HDFC Cash Management Fund - Savings Plan 1 1 1 (1) 4 (4) 1 (1)

Reliance Liquid Fund - Treasury Plan 1 1 2 (3) 1 (1) 1 (1)

HDFC Liquid Fund 2 2 2 (2) 4 (4) 2 (2)

Principal Cash Management Fund 2 2 3 (3) 1 (1) 3 (3)

UTI Liquid Cash Plan 2 2 3 (3) 2 (2) 2 (2)

Birla Sun Life Cash Plus 3 3 4 (4) 4 (4) 3 (3)

ICICI Prudential Liquid Plan 3 3 4 (4) 3 (3) 2 (2)

JM High Liquidity Fund 3 3 2 (2) 2 (2) 3 (3)

Sundaram Money Fund 3 3 5 (5) 2 (2) 3 (3)

UTI Money Market Fund 3 3 3 (3) 3 (3) 3 (3)

DSP BlackRock Liquidity Fund 4 4 4 (4) 3 (3) 4 (4)

DWS Insta Cash Plus Fund 4 4 3 (2) 5 (5) 5 (5)

LIC NOMURA MF Liquid Fund 4 4 1 (1) 3 (3) 4 (4)

HSBC Cash Fund 5 5 5 (5) 3 (3) 4 (4)

Templeton India Treasury Management Account 5 5 3 (3) 5 (5) 5 (5)


Consistent Performers - Liquid funds


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Annexure I - CRISIL Mutual Fund Ranking methodology

CRISIL Mutual Fund Ranking is the relative performance

ranking of mutual fund schemes within the peer group. Thebasic eligibility criteria for inclusion in the ranking universe are

two-years NAV history (one-year for Liquid, Ultra Short Term

Debt, Index and Debt-Short funds and ve year inclusion for

the Consistent Performers), assets under management in excess

of category cut-off limits and complete portfolio disclosure.

The ranking is done based on the following parameters:

Category wise average AUM cutoffs

Assets under management (AUM), on quarterly average basis

for the last quarter of the period for which ranking is done,

should be in excess of the cut off limits as under:

Large Cap Oriented Equity Funds Rs 500 million

Diversied Equity Funds Rs 500 million

Small and Mid Cap Funds Rs 500 million

Thematic Infrastructure Funds Rs 500 million

ELSS Rs 250 million

Income Funds Rs 250 million

Income Short Rs 250 million

Balanced Funds Rs 150 million

Liquid Funds Rs 500 million

Liquid Funds- Institutional Rs 1000 million

Liquid Funds- Super Institutional Rs 1500 million Gilt Funds-Long Rs 250 million

MIP Aggressive Rs 250 million

MIP Conservative Rs 250 million

Ultra Short Term Debt Rs 250 million

Ultra Short Term Debt- Institutional Rs 1000 million

Ultra Short Term Debt- Super Inst Rs 1500 million

Index Funds Rs 100 million

Superior Return Score

The Superior Return Score (SRS) is the relative measure of the

return and the risk for the schemes compared to their peergroup. It is computed for Equity Oriented Categories, Equity

Linked Saving Schemes (ELSS), Debt, Balanced, Monthly Income

Plan (Aggressive & Conservative) and Gilt categories for a

two - year period. The weightages for the four six-monthly

periods starting from the latest are 32.5 per cent. 27.5 per

cent, 22.5 per cent and 17.5 per cent respectively. In case

of the Consistent Mutual Fund Performers for Equity, Balanced

and Debt categories, the SRS is calculated for a period of ve

years, with separate one year periods weighted differentially

with the most recent period having the highest weightage.

Mean Return and Volatility

Mean Return and Volatility are considered separately in

case of Liquid, Ultra Short Term Debt and Debt-Short term

schemes for a one - year period. Mean return is average ofdaily return on fund NAV for the latest one-year period and

the Volatility is the standard deviation of these returns. The

weightages for the four quarterly periods starting from the

latest are 32.5 per cent. 27.5 per cent, 22.5 per cent and

17.5 per cent respectively. In case of the Consistent Mutual

Fund Performers for the Liquid category, Mean Return and

Volatility are calculated for a period of ve years, with

separate one year periods weighted differentially with the

most recent period having the highest weightage.

Portfolio Concentration Analysis

Concentration measures the risk arising out of improper

diversication. Diversity Score is used as the parameter tomeasure Industry concentration and Company concentration

for equity securities. In case of Debt papers, the industry

concentration is analyzed only for any / over exposure in

sensitive sectors which is arrived at based on CRISILs assessment

of the prospects for various sectors and Company concentration

will have an individual issuer specic limit of 10.0 per cent.

Liquidity Analysis

It measures the ease with which the portfolio can be liquidated.

In case of Equities, liquidity is calculated by taking the average

of last 3 months impact cost published by stock exchanges. Gilt

liquidity is measured by analysing the market turnover, days

traded and size of trade in any security for a three months

period for that security. Corporate Debt Liquidity is computedby classifying each security into 3 categories - Liquid, Semi

Liquid and Illiquid and then evaluating a funds exposure to

each such category.

Asset Quality

Asset Quality measures the probability of default by the issuer

of a debt security to honour the debt obligation in time. CRISIL

penalizes lower rated securities to a higher level in its analysis.Modied duration /Average Maturity

Modied duration /Average Maturity are considered across

all debt categories except liquid to capture the interest rate

risk of the portfolio. Lower the value better it is.


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Downside Risk Probability (DRP)

DRP measures the probability of the investment getting lower

returns than short tenor risk free securities. It measured by

assessing the number of times a funds return falls below therisk free return over the period of analysis. The risk free return

is taken as the 91-day T-Bill yield over the period.

Asset Size

It is considered only for Ultra Short Term Debt and Liquid

categories to take into account the effect of large fund ows

on the funds performance and ability of the funds to manage

such ows optimally. Higher the asset size better it is.

Tracking Error

This is used only for Index funds. The tracking error is an

estimation of the variability in a funds performance vis--vis

the index that it tracks. Lower the tracking error better it is.

Historic CRISIL Mutual Fund Performance

Historic CRISIL Mutual performance is considered only forthe Consistent category. Quarterly Mutual Fund ranks during

the ve year period of analysis are weighted with separate

one year periods weighted differentially with the most recent

period having the highest weightage.


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Only open-ended schemes are eligible for the selectioncriteria under the following categories:1. Equity Funds

Schemes that predominantly invest in equity instruments(excluding hybrid schemes) are considered. Schemes with thefollowing features are excluded -i) Schemes not open to investors at large and open only to a

specic set of investors.

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

iii) Schemes for which there is a delay in receipt of portfoliosfrom the fund house.

iv) Schemes with a stated objective to predominantly invest in

derivatives and /or overseas securities.Eligible schemes are classied into the following sub-categories -

1a) Large cap-oriented equity funds

Schemes that have at least 75 per cent exposure in CRISIL-dened large cap stocks (top 100 stocks based on 6-monthda

CRISIL Mf Ranking Booklet Jun 2011

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