Evaluation of Last Two Years Performance of Top 15 Blue Chip Companies in Bse

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					CRISIL~CPR
CRISIL Composite Performance Rankings of Mutual Fund Schemes
for the quarter ended March 31, 2008




          Debt Funds in the Limelight as Equities Face a
                                              Correction

      CRISIL~CPR for the Quarter Ended March 31, 2008

      CRISIL FundServices’ Composite Performance Rankings (CRISIL~CPR) is a unique evaluation
      system that benchmarks a mutual fund’s performance among its peers. The CRISIL~CPR serves as
      a guide to investors in selecting schemes for asset allocation. The CRISIL~CPR currently covers 18
      ranking categories. Five new categories have been included in the CRISIL~CPR from March 2008.
      These include - Consistent CPR Performers for Equity, Balanced, Debt and Liquid schemes and a
      separate category for Liquid Plus schemes. The Consistent CPR Performers category seeks to
      reinforce the concept of consistent performance over longer time periods which a number of
      investors tend to consider centrally before investing in mutual funds. While consistency in
      performance is an imperative for any avid investor, these rankings also reinforce the view of the
      industry players that over longer periods of holding, a certain superior level of performance
      standards could be maintained. The Liquid Plus category has been introduced on account of the
      increasing investor interest in the category. At the same time, two categories – Floating Rate Funds
      and Sectoral – IT Funds have been discontinued. The ranking is done as at the end of each calendar
      quarter, and the ranking tables are displayed on www.crisil.com.

      CRISIL FundServices ranked 305 schemes on various CRISIL~CPR parameters for the quarter
      ended March 31, 2008. These schemes accounted for more than 64 per cent of the Indian mutual
      fund (MF) industry’s assets under open-ended schemes.

      The ranking analyzes two years’ net asset value (NAV) performance, in case of Equity (Large Cap-
      Oriented and Diversified Equity), Equity-Linked Savings Schemes (ELSS), Income, Balanced, Gilt
      Funds, and Monthly Income Plan (MIP, Aggressive, and Conservative) schemes. In the case of
      Liquid Funds (Retail, Institutional, and Super Institutional options), Liquid Plus Funds, Index
      Funds, and Income Short schemes, the NAV performance for one year is considered. This is in
      addition to analysis of portfolio based parameters in every category. In case of the Consistent CPR
      Performers, CRISIL analyses the NAV performance of the schemes over a five year time frame in
      addition to the performance of the schemes on the CRISIL~CPR over the five years. CRISIL
      FundServices considers the performance of retail options for ranking the schemes, except in the
      case of Liquid schemes category, where Institutional and Super Institutional options are also
      ranked as a separate ranking category.


      CRISIL~CPR Mutual Fund Rankings March 2008                                               Page 1 of 38
Mutual Fund Industry Highlights

Mutual fund average assets under management (AUM) ended the financial year 2007-08 at Rs.5.38
trillion compared to the average AUM of Rs 5.52 trillion in December 2007 (including fund of
funds) – a dip of 2.54 percent over the quarter. The average AUM of the industry had reached an all
time high of Rs.5.75 trillion in January 2008 on the back of a robust performance of the equity
markets in the beginning of the quarter. Inflows from NFOs (New Fund Offers) and FMPs (Fixed
Maturity Plans) also helped assets growth. Also, gilt fund assets recorded the highest rise by about
43% over the 3 months ended March 2008. The quarter saw AMFI (Association of Mutual Funds of
India) moving over to the system of disclosing only average assets from February 2008. Earlier,
both month-end assets and average assets were released by AMFI. Average assets reflect the corpus
position throughout the month rather than the month-end tally that may not necessarily portray the
trend of inflows and outflows at interim points in the month.

The fall in AUM was mainly due to the subdued equity markets for most of the quarter, corporate
advance tax outflows in March as well as outflows from debt plans ahead of the financial year end.
An amount of over Rs.500 billion is estimated to have gone towards corporate advance tax
payments and there was demand for funds by banks to spruce up their balance sheet ahead of the
financial year end as well.

Barring 6 fund houses, all fund houses registered a decline in their AUM for the quarter ended
March 2008. Reliance Mutual Fund continued to top the asset charts with average assets of Rs.909
billion, (up 14.12 percent over December 2007). ICICI Prudential Mutual Fund and UTI Mutual
Fund stood at the second and third spots with average assets of Rs.544 billion and Rs.490 billion
respectively. Despite the market fall, mutual funds bought heavily in the secondary equity market
to the extent of Rs.62.45 billion over the quarter compared to a net buyer position of Rs.34.79 billion
in the December ending quarter. Mirae Asset Mutual Fund debuted on the AUM chart with
average assets of Rs.11 billion in March 2008. Birla Sun Life Mutual Fund was the top gainer in
terms of asset growth with its AUM up 18 percent over the period under review.

The share of equity oriented funds in the industry AUM slid to 34 percent in March 2008 from 38
percent in December 2007 owing to turbulence in the equity markets led by global as well as local
factors. The share of Liquid Funds in the industry assets also went down to 17 percent in March
2008 from 20 percent in December 2007, due to withdrawals in liquid funds on account of advance
tax payments by corporates. Income Funds, however, saw a rise in their share from 36 percent in
December 2007 to 44 percent in March 2008 mainly led by inflows into Fixed Maturity Plans
(FMPs).

On the NFO front, a total of 182 schemes were launched during the quarter compared to 139
offerings in the quarter ended December 2007. Mutual funds mobilised a higher amount through
NFOs of around Rs.551 billion compared to Rs.351 billion in the previous quarter. FMPs accounted
for around 55 percent or Rs.299 billion while equity schemes formed over 35 percent of the NFO
collections. FMPs were the flavour especially in March when many fund houses offered 13-month
FMPs for investors to avail of double indexation benefits.


CRISIL~CPR Mutual Fund Rankings March 2008                                             Page 2 of 38
Among key mutual fund regulations, the SEBI (Securities and Exchange Board of India) board
approved the removal of charging and amortisation of initial issue expenses in close-ended
schemes. Henceforth, all schemes will, therefore, meet expenses connected with sales and
distribution from the entry load. Consequently, waiver of load for direct applicants will also be
available in close ended schemes. SEBI also said there will no load on bonus units and dividend
reinvestment units from April 1, 2008. Further, the regulator allowed mutual funds to short sell in
the spot market from April 21, reduced ad valorem fee for mutual funds to file NFOs to 0.005
percent from 0.03 percent subject to a maximum fee of Rs.5 million. SEBI also said that mutual
funds should self-regulate to avoid misselling. On another front, SEBI directed mutual funds to
display and voice standard caveats in TV and audio advertisements for at least 5 seconds in each
advertisement from April 1, 2008 and issued a message to investors cautioning them on
investments in ’Art Funds’ and other such schemes launched without appropriate approval from
the regulator. The quarter also saw RBI raising mutual funds’ overseas investment limit to $7 billion
from the earlier $5 billion.

Other key developments during the quarter were as follows; Bharti, AXA Group received the SEBI
nod for its joint venture in mutual funds; both Indiabulls Asset Management Company and
Peerless Group received the SEBI nod for their mutual fund businesses while Yes Bank proposed to
enter the asset management industry. Besides, IDFC proposed to buy StanChart Mutual Fund in
India for $205 million; government planned to sell the entire assets of the Specified Undertaking of
Unit Trust of India in 2008-09 and hoped to make a net earning of Rs.90 billion from the sale; UTI
Asset Management Company (AMC) joined hands with HSH Nord Bank of Germany and Shinsei
Bank of Japan to float a $600 million private equity fund which will focus on the infrastructure
sector; HDFC Ltd proposed to list its mutual fund arm by the end of 2008.




CRISIL~CPR Mutual Fund Rankings March 2008                                            Page 3 of 38
Category-wise Performance


Large Cap-Oriented Equity Schemes

Key benchmark Indian equity indices slipped from the record high levels touched in the beginning
of the quarter to end sharply lower during the period under review. The S&P CNX Nifty had
reached a record 6288 points on January 8, 2008 while the BSE Sensex had touched 20873 but
reversed direction following continued turmoil in overseas markets led by a US economic
slowdown, deepening subprime crisis and global credit concerns. Consequently, both the S&P CNX
Nifty and the BSE Sensex registered their lowest close since September 2007. Domestic factors such
as steep rise in inflation rate and weaker-than-expected January industrial growth numbers also
weighed on the markets. The WPI (Wholesale Price Index) based inflation rate touched 7.41 percent
(an over 3-year high) as on March 29, on account of surge in prices of metals and food items.

Stocks were also dragged lower in response to the Union Budget wherein the FM increased the
short term capital gains tax from 10 percent to 15 percent as well as proposed to waive off bank
loans of small and medium farmers aggregating Rs.500 billion. Towards the end of the quarter,
Institute of Chartered Accountants of India's (ICAI) directive to companies asking them to reveal
their mark to market losses on all outstanding derivative contracts in their balance sheets for the
year ending March 31, 2008, also drove the indices lower on the fears that this could dent corporate
March quarter earnings. ICAI, later, clarified that its announcement was to ensure that companies
reported their estimated losses from foreign currency derivatives as per already existing norms.

FII selling, profit booking, unwinding of leveraged positions by brokerages, soaring crude oil prices
and selling to garner funds to subscribe to the mega Reliance Power IPO (and its poor debut), were
the other factors that arose adverse sentiments. The S&P CNX Nifty witnessed its worst ever
intraday decline of 13 percent on January 21 and trading was halted for an hour on January 22 after
benchmark indices hit the 10 percent lower circuit on account of margin pressures and decline in
global markets. However, buying by domestic mutual funds coupled with the US Fed interest rate
cuts helped indices curtail some losses. FIIs were net sellers in equities worth Rs.122 billion during
the quarter under review compared to net purchases of Rs.176 billion in the December quarter.

Midcap and smallcap stocks were also battered on negative sentiments while all sectoral indices
ended in the red. BSE FMCG index was the least affected down 1.3 percent due to defensive
buying. Hindustan Unilever Ltd. (HUL) was the top Nifty gainer up 7 percent over the quarter
followed by Cipla and Ranbaxy up 3 percent each.

In the Large Cap-Oriented Equity schemes category, 25 schemes qualified for the ranking universe,
with four new schemes entering the fray: Standard Chartered Imperial Equity Fund, UTI
Leadership Equity Fund, ICICI Prudential Power and SBI Blue Chip Fund. Except for ICICI
Prudential Power, the other three schemes entered on account of a two-year NAV history criteria.




CRISIL~CPR Mutual Fund Rankings March 2008                                            Page 4 of 38
DWS Alpha Equity Fund, continued at CRISIL~CPR 1 while Kotak 30 and DSP Merrill Lynch Top
100 Equity Fund moved up by one notch to the top spot. DWS Alpha Equity Fund could retain its
position on account of a higher Superior Return Score (SRS). The SRS is the relative measure of the
return and risk for a scheme compared with that of the other schemes in its peer group. Though
most equity investments gave negative returns over the quarter, schemes which had investments in
stocks giving near positive returns or least negative returns had an edge in SRS. DWS Alpha Equity
Fund with 27 equity stocks made the highest quarterly gains of 5% from its investments in Gujarat
NRE Coke Ltd. The scheme added stocks like HDFC, ABB, Reliance Petroleum, Dabur India, Zee
Telefilms, Hindustan Unilever Ltd. (HUL), Reliance Communication Ventures and Deep Industries
to its portfolio during the quarter.

Kotak 30 had 36 equity stocks as of March 2008. New stock entrants in the quarter were Steel
Authority of India, DLF, Mcdowell & Co., Indian Hotels, Sintex Industries, Reliance Energy,
Indiainfoline.com and Rural Electrification Corporation. DSP Merrill Lynch Top 100 Equity Fund
(with 44 equity stocks), on the other hand, had over 20% of its portfolio in money market
instruments. The scheme made positive returns of over 3% from its holding of Ranbaxy
Laboratories. Infosys, HUL, HDFC Bank, Cairn India, HDFC, ACC, ABB, BHEL, Bank of India,
Bharti Airtel and Asian Paints were some of the new stocks that entered the portfolio during the
quarter.

Sundaram BNP Paribas Select Focus, HSBC Equity Fund, Principal Large Cap Fund, Templeton
India Growth Fund and UTI-Services Industries Fund were part of the CRISIL~CPR 2 cluster out of
which HSBC Equity Fund, Templeton India Growth Fund and UTI-Services Industries Fund moved
up one notch in the ranking table.

CRISIL's Popularity Index measures the propensity of a fund manager to invest in a particular
company/industry. The propensity is measured on the percentage holding of a scheme in a
particular company/industry. The Popularity Index was computed for all schemes in the category
for the March 2008 portfolio. Reliance Industries continued to be the most popular stock, followed
by Larsen & Toubro (L&T), ICICI Bank, Bharti Airtel and Bharat Heavy Electricals Ltd (BHEL) in
that order. Banks continued to be the most sought-after industry with fund managers, while
electrical equipment, petrochem, telecom and IT followed in the popularity league.




CRISIL~CPR Mutual Fund Rankings March 2008                                          Page 5 of 38
CRISIL~CPR Rankings
Large Cap-Oriented Equity Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                          Page 6 of 38
Equity Diversified Schemes

In the Equity Diversified category, 86 schemes were eligible for ranking in the quarter ended March
31, 2008. Fifteen schemes entered the category - DWS Investment Opportunity Fund, Birla Sun Life
Frontline Equity Fund, Birla Infrastructure Fund, SBI Magnum Equity Fund, Sundaram BNP
Paribas Growth Fund, ABN AMRO Equity Fund, Reliance Equity Fund, Kotak LifeStyle, Principal
Infrastructure & Services Industries Fund, HSBC Advantage India Fund, UTI Master Growth Unit
Scheme, DSP Merrill Lynch Opportunities Fund, Birla Advantage Fund, UTI Contra Fund and
HDFC Core and Satellite Fund. Among these schemes, Birla Infrastructure Fund, HSBC Advantage
India Fund, Kotak LifeStyle, Principal Infrastructure and Services Industries Fund, Reliance Equity
Fund and UTI Contra Fund entered the list due to the two-year NAV history criteria while DWS
Investment Opportunity Fund entered on account of the AUM cut-off criteria.

In the CRISIL~CPR 1 cluster, ICICI Prudential Infrastructure Fund, Tata Infrastructure Fund, DSP
Merrill Lynch India T.I.G.E.R. Fund and Kotak Opportunities maintained their rank while Canara
Robeco Infrastructure, DBS Chola Opportunities Fund, DSP Merrill Lynch Equity Fund and
Reliance Regular Savings Fund – Equity moved up by one notch mainly due to a better SRS. Canara
Robeco Infrastructure also scored better on the industry concentration parameter while DBS Chola
Opportunities Fund and DSP Merrill Lynch Equity Fund did well on the company concentration
score besides SRS.

ICICI Prudential Infrastructure Fund was largely diversified with 51 stocks in its portfolio as of
March 2008. The scheme made new entries like HDFC, Voltas, Aban Loyd Chiles Offshore, HPCL,
UTI Bank, Bank Of Baroda, Kotak Mahindra Bank and Federal Bank during the quarter. The share
of equities in the portfolio had increased from 86% in December 2007 to 96% in January 2008 but fell
to 87% by the end of the quarter. The decline in the equity market saw majority of the schemes
downsizing their equity components though 15 schemes among those ranked were an exception.

Tata Infrastructure Fund maintained 65 stocks in its portfolio of March 2008 with net receivables
forming 16% of the portfolio. Among stocks BHEL occupied the top spot at 4.8%of NAV. The share
of equities in the AUM dropped from 92% in December 2007 to 84% in March 2008. New stock
entries in the portfolio during the quarter were Cairn India, Power Grid Corporation, Unitech,
Reliance Petroleum, IVRCL Infrastructures, AIA Engineering, Bharati Shipyard, UTI Bank and
Kotak Mahindra Bank.

DSP Merrill Lynch India T.I.G.E.R. Fund was largely diversified, with 60 scrips in its portfolio. The
scheme’s equity holding, however, dropped from 95% in December 2007 to 90% in March 2008.
Reliance Industries had the highest equity exposure with 6.3% of the AUM. Rural Electrification
Corporation, Jindal Steel & Power, Indiabulls Securities, Mercator Lines and Madhucon Projects
were new stock entrants during the quarter.

Kotak Opportunities had 54 stocks in its portfolio as of March 2008 with only Ranbaxy Laboratories
returning positive returns of 3% over the 3-months period. Reliance Industries had the highest
equity exposure of 4.4% of AUM. New entrants during the quarter included Bharti Airtel, ITC,


CRISIL~CPR Mutual Fund Rankings March 2008                                            Page 7 of 38
HDFC, Crompton Greaves, UTI Bank, Maruti Udyog, ICICI Bank, SAIL, Satyam Computer, Bank of
India, Canara Bank, Balrampur Chini Mills, Patel Engineering, Television Eighteen, Ballarpur
Industries, Future Capital, Indiabulls Securities, Rural Electrification Corporation and Adlabs Films
formed 28% of the March 2008 AUM.

Canara Robeco Infrastructure, which moved up one notch to occupy CRISIL~CPR 1 position, had
41 equity stocks in its portfolio as of March 2008. However, the equity component saw a decline
from 93% in December 2007 to 83% in March 2008. Reliance Industries had the highest equity
exposure at 6.4%. Reliance Petroleum and BGR Energy Systems were the new equity stock entrants
during the quarter and formed 2.6% of the AUM of March 2008.

DBS Chola Opportunities Fund had a widely held equity portfolio of 71 stocks in March 2008.
Reliance Industries had the highest equity exposure at 4.7% of AUM. The scheme was among the
few which increased its equity component from 94% in December 2007 to 98% in March 2008. The
scheme saw 40 new stocks entering the portfolio during the quarter with a cumulative exposure of
45% in March 2008. The top 5 among these were Jaiprakash Associates, Kotak Mahindra Bank,
Unity Infraprojects, DLF and Srei International Finance.

DSP Merrill Lynch Equity Fund had 79 stocks in its portfolio as of March 2008 with the highest
exposure to Larsen & Toubro (4.6% of AUM). The scheme also saw its equity component fall from
98% in December 2007 to 88% in March 2008. The scheme had 3 stocks which gave positive returns
over the quarter, viz., ING Vysya Bank (7.4%), Ranbaxy Laboratories (3%) and GlaxoSmithKline
Pharmaceuticals (1.5%). The scheme added 28 new stocks to its portfolio during the quarter
forming 27% of March 2008 AUM. Key new stocks added were Infosys, Hindustan Unilever, Hero
Honda Motors, Cairn India and ACC.

Reliance Regular Savings Fund – Equity had 34 equity stocks in its portfolio of March 2008 while
equity exposure fell from 91% to 88% over the quarter. The script with the highest equity exposure
was Pratibha Industries (7% of AUM). 14 new equity stocks entered the portfolio during the
quarter, key among them being, Reliance Industries, Radico Khaitan, Maruti Udyog, Jain Irrigation
and ONGC.

The popular stocks in this category were Reliance Industries, L&T, ICICI Bank, BHEL and Reliance
Communication Ventures while popular industries continued to be banking, electrical equipment,
construction, steel / steel products and petrochemicals.




CRISIL~CPR Mutual Fund Rankings March 2008                                            Page 8 of 38
CRISIL~CPR Rankings
Equity Diversified Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                   Page 9 of 38
CRISIL~CPR Mutual Fund Rankings March 2008   Page 10 of 38
Index Category

Index Schemes, for the purpose of CRISIL~CPR ranking, are defined as schemes launched with an
objective of generating returns that are commensurate with the performance of their benchmark's
Total Return Index (TRI), subject to tracking errors. The ranking is purely based on Tracking Error,
which is a measure of divergence between the scheme and its benchmark's TRI. The lower the
tracking error, the closer is the performance of the scheme to its benchmark. The lower the tracking
error of the scheme, the better is the ranking assigned.

Thirteen schemes qualified for ranking under this category with no new entrants vis-a-vis the
previous quarter. Nifty Benchmark Exchange Traded Scheme (Nifty BeES) was ranked at
CRISIL~CPR 1 for the fifth consecutive quarter, with the lowest tracking error, indicating its
closeness to the S&P CNX Nifty. S&P CNX Nifty UTI Notional Depository Receipts Scheme
(SUNDER) moved up one notch to occupy the top slot at CRISIL~CPR 1 as a result of a lower
tracking error. Franklin India Index Fund – NSE Nifty Plan, UTI Master Index Fund and Principal
Index Fund formed the CRISIL~CPR 2 cluster.



CRISIL~CPR Rankings
Index Schemes – Quarter Ended March 31, 2008
Time frame - One Year (April 1, 2007, to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                          Page 11 of 38
Equity-Linked Savings Schemes (ELSS)

In the case of ELSS, 21 schemes were eligible for ranking, with two new schemes entering the
universe: DWS Tax Saving Fund and Fidelity Tax Advantage Fund. Both the schemes entered on
satisfying the two-year NAV history criteria.

Principal Personal Tax Saver continued to top the ranking tables while SBI Magnum Tax Gain
Scheme 1993 and Canara Robeco Equity Tax Saver moved up by one notch to occupy the
CRISIL~CPR 1. While Principal Personal Tax Saver and SBI Magnum Tax Gain Scheme 1993 topped
on the SRS, which has an 80 per cent weightage in the ranking criteria, Canara Robeco Equity Tax
Saver gained the edge on the industry concentration and liquidity parameters in addition to good
returns performance. Principal Personal Tax Saver had a portfolio of 56 stocks as of end March 2008
with Reliance Industries having the highest exposure of 6.2%. The scheme added 18 new stocks to
its portfolio during the quarter which formed 42% of the March 2008 AUM, key among them being
ABG Shipyard, Jaiprakash Associates, ICICI Bank, Pantaloon Fashions and Bharti Airtel.

SBI Magnum Tax Gain Scheme 1993 had a diversified portfolio of 77 equity stocks as of March 2008.
The equity exposure of the scheme fell by a small extent from 87% to 83% over the quarter. Reliance
Industries had the highest equity exposure of 5% of AUM while 3 portfolio stocks viz., Asian
Paints, Hindustan Unilever and Ranbaxy Laboratories gave positive returns over the quarter of 9%,
7% and 3% respectively. New stock entrants over the quarter included GMR Infrastructure, Suzlon
Energy, CESC, Bank Of Baroda, Rural Electrification Corporation, Reliance Power and Punj Lloyd.

Canara Robeco Equity Tax Saver had 31 equity stocks in its March 2008 portfolio which saw a small
decline in the equity component to 92% from 94% over the quarter. Reliance Communication
Ventures saw the highest equity exposure of almost 6% while new equity entrants including
Jaiprakash Associates, Infrastructure Development Finance Company, GMR Infrastructure, Maruti
Udyog and State Bank of India formed 12% of the portfolio.

The most popular stocks among the ranked schemes continued to be topped by Reliance Industries,
followed by L&T, ICICI Bank, BHEL and State Bank of India. The popular industries among the
schemes continued to be banking, electrical equipment, steel / steel products, petrochemicals, and
power.




CRISIL~CPR Mutual Fund Rankings March 2008                                         Page 12 of 38
CRISIL~CPR Rankings
ELSS Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                 Page 13 of 38
Income Schemes

Income funds yielded lower returns in the March quarter as sentiments were jittery due to rising
inflation. Bond prices fell after a sharp rise in headline inflation rate washed away hopes of a local
rate cut and hurt longer tenure bonds to a greater extent. The WPI based inflation surged to a 3-
year high of 7.41% as of March 29. The Finance Minister also reiterated inflation worries and said
that the government would take necessary steps to keep inflation in check. The fall in bond prices
was, however, lessened due to the 75 bps US Fed Funds interest rate cut. The CRISIL CompBex
(benchmark income funds index) gave lower returns of 1.39% over the quarter compared to 2.55 per
cent in the quarter ended December 2007.


            7.95%
                                            10-Year Benchmark G-Sec Yield
            7.85%

            7.75%

            7.65%
            7.55%

            7.45%

            7.35%
                    31-Dec-07

                                04-Jan-08

                                              10-Jan-08

                                                          16-Jan-08

                                                                      22-Jan-08

                                                                                  28-Jan-08

                                                                                              01-Feb-08

                                                                                                          07-Feb-08

                                                                                                                      13-Feb-08

                                                                                                                                  19-Feb-08

                                                                                                                                              25-Feb-08

                                                                                                                                                          29-Feb-08

                                                                                                                                                                      07-Mar-08

                                                                                                                                                                                  13-Mar-08

                                                                                                                                                                                              19-Mar-08

In the Income segment, 20 schemes were eligible for ranking in the quarter ended March 31, 2008,                                                                                                          27-Mar-08
compared with 18 schemes in the previous quarter. The new entrants were HSBC Income Fund -
Investment Plan and DWS Premier Bond Fund - Regular Plan as they satisfied the AUM cut-off
criteria of Rs.250 million. Birla Sun Life Income Fund continued to top the category for the sixth
consecutive quarter while Birla Income Plus Fund topped the category for the second quarter in a
row. Both schemes topped mainly due to a higher SRS (which has a 50 per cent weightage in the
ranking) and good performance on the asset quality parameter.

Birla Sun Life Income Fund increased its exposure to higher rated instruments and the average
maturity of the scheme fell from 15 years to 7 years over the quarter. In the case of Birla Income
Plus while exposure to higher rated paper did increase, its average maturity remained steady at 13
years.

In the CRISIL~CPR 2 cluster, Kotak Bond Regular and Grindlays Super Saver Income Fund -
Investment Plan maintained their ranks while Templeton India Income Fund moved up two
notches while Principal Income Fund moved up one notch to CRISIL~CPR 2. Templeton India
Income Fund moved up due to a better score on parameters like company concentration, sectoral
concentration, liquidity and asset quality. Principal Income Fund scored better in terms of SRS and



CRISIL~CPR Mutual Fund Rankings March 2008                                                                                                                                                                  Page 14 of 38
company concentration. The exposure to better rated securities also moved up. The average
maturity of the scheme fell from 13.5 years to 4.4 years during the period under review.

Average maturities for the schemes in the category fell to 8.4 years in March 2008 from 10.7 years in
February 2008 and from 9.3 years in December 2007. Over a two-year time frame, average
maturities have risen to the current levels from 1.7 years in April 2006 on ample liquidity.

          11
                                                            Average Maturity in Years (Income Funds)
          10
           9
           8
           7
  Years




           6
           5
           4
           3
           2
           1
                                 Jun-06

                                          Jul-06




                                                                               Nov-06




                                                                                                                                              Jun-07

                                                                                                                                                       Jul-07




                                                                                                                                                                                           Nov-07
                        May-06




                                                   Aug-06




                                                                                                 Jan-07




                                                                                                                                     May-07




                                                                                                                                                                Aug-07




                                                                                                                                                                                                             Jan-08
               Apr-06




                                                             Sep-06

                                                                      Oct-06




                                                                                                          Feb-07
                                                                                        Dec-06




                                                                                                                   Mar-07

                                                                                                                            Apr-07




                                                                                                                                                                         Sep-07

                                                                                                                                                                                  Oct-07




                                                                                                                                                                                                                      Feb-08
                                                                                                                                                                                                    Dec-07




                                                                                                                                                                                                                               Mar-08




CRISIL~CPR Mutual Fund Rankings March 2008                                                                                                                                                             Page 15 of 38
CRISIL~CPR Rankings

Income Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                 Page 16 of 38
Income Short-Term Schemes

The performance of Income Short-Term schemes decreased during the quarter ended March 31,
2008, with CRISIL STBEX, the benchmark for short-term schemes, posting returns of 1.66%
compared with 1.99 per cent in the previous quarter. In the Income Short-Term category, 18
schemes were eligible for ranking, with three new entries - Lotus India Short Term Plan – Retail,
ABN AMRO Short Term Income Fund - Regular Plan and ING Short Term Income Fund. Lotus
India Short Term Plan – Retail entered on account of satisfying the one-year NAV history criteria
while ING Short Term Income Fund entered the universe after satisfying the AUM cut-off.

Birla Sun Life Short-Term Fund continued to top the category at CRISIL~CPR 1 while Kotak Bond
Short Term Plan moved up one notch to the top cluster. Birla Sun Life Short-Term Fund ruled for
the sixth consecutive quarter. Birla Sun Life Short-Term Fund enjoyed a better score in terms of
Asset Size, Asset Quality and DRP (Downside Risk Probability) while Kotak Bond Short Term Plan
did well on parameters like Volatility, Asset Size and Company Concentration. Birla Sun Life Short
Term Fund increased its holding of better rated corporate debt as well as gilt holdings during the
period. Kotak Bond Short Term Plan also increased its holding of higher rated corporate debt in this
period.

In the CRISIL~CPR 2 cluster, Templeton India Short Term Income Plan and Tata Short Term Bond
Fund moved up by one notch to join HDFC High Interest Fund – Short-Term Plan and Reliance
Short-Term Fund, who maintained their ranks. While Templeton India Short Term Income Plan did
well on parameters like Mean Returns, Asset Size and Liquidity; Tata Short Term Bond Fund
scored well on Mean Return, Volatility, Asset Quality, Average Maturity and DRP parameters.

The average maturity of all ranked schemes increased to 754 days in March 2008 from 718 days in
December 2007.




CRISIL~CPR Mutual Fund Rankings March 2008                                          Page 17 of 38
CRISIL~CPR Rankings
Income – Short-Term Category – Quarter Ended March 31, 2008
Time frame - One Year (April 1, 2007 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                Page 18 of 38
Monthly Income Plans (MIP)


The MIP category is sub-categorised into MIP – Conservative and MIP – Aggressive. The MIP –
Conservative category includes schemes with a maximum equity component of less than 15 per
cent, whereas MIP – Aggressive includes schemes with a maximum equity investment of up to 30
per cent. A common feature of both categories is, as the name of the category suggests, the regular
declaration of dividends (mostly monthly).

   •   Monthly Income Plan – Aggressive

In this category, 14 schemes were eligible for ranking without any additions or deletions over the
previous quarter. HSBC MIP – Savings and Principal MIP - MIP Plus continued to top the category
at CRISIL~CPR 1 mainly on account of higher SRS which has a 55% weightage. Both schemes
reduced their equity components over the quarter. HSBC MIP - Savings reduced it from 21% in
December 2007 to 11% in March 2008 as well as increased its holding of better rated securities over
the period. Principal MIP - MIP Plus reduced its equity holding from 22% to 16% during the period
under review while increasing its holding of better rated securities

DSP Merrill Lynch Savings Plus Fund – Aggressive continued to be at CRISIL~CPR 2 while FT
India Monthly Income Plan and Birla MIP II - Wealth 25 Plan moved up by one notch to
CRISIL~CPR 2. While DSP Merrill Lynch Savings Plus Fund – Aggressive scored well on
parameters like Debt Liquidity, Equity Liquidity and Average Maturity; FT India Monthly Income
Plan got a better score on SRS and Industry Concentration. Birla MIP II - Wealth 25 Plan did well on
parameters like Industry Concentration, Debt Asset Quality and Debt Liquidity. Birla MIP II -
Wealth 25 Plan and FT India Monthly Income Plan did not have any major change in their
percentage of equity holding over the quarter while DSP Merrill Lynch Savings Plus Fund -
Aggressive brought down the equity component from 28% to 15% over the 3 month period.

The average maturity for all ranked schemes in the category rose to 3.18 years from 2.34 years in
December 2007 while average equity holding fell from 21% to 17%.




CRISIL~CPR Mutual Fund Rankings March 2008                                          Page 19 of 38
CRISIL~CPR Rankings
Monthly Income Plan – Aggressive Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




K = Equity Component in Hybrid Funds



   •   Monthly Income Plan – Conservative

Nine schemes continued to qualify for the rankings in this category, with Principal MIP moving up
by one notch to the top slot at CRISIL~CPR 1. The scheme moved up on account of good
performance on the SRS and Company concentration parameters. The scheme reduced its equity
component from 15% to 12% over the quarter and increased its holding of better rated securities.
The CRISIL~CPR 2 cluster saw two schemes, viz., Birla Sun Life Monthly Income, Birla Monthly
Income Plan C where the latter maintained its rank.

The average equity holding for all ranked schemes in the category dropped to 11.75 per cent in
March 2008 from 14.53% in December 2007.




CRISIL~CPR Mutual Fund Rankings March 2008                                        Page 20 of 38
CRISIL~CPR Rankings
Monthly Income Plan – Conservative Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




K = Equity Component in Hybrid Funds




CRISIL~CPR Mutual Fund Rankings March 2008                         Page 21 of 38
Liquid Schemes

Call rates ended above reverse repo rates at 6.50-7.00% on March 31 vs 7.25-7.50% on December 31
with tight liquidity during most of the quarter. The pressure on liquidity was due to mega IPOs
(initial public offers) like Reliance Power while in March liquidity was tight due to advance tax
outflows to the tune of almost Rs.500 billion as well as year end financial requirements of banks.
The benchmark CRISIL LiquiFex return rose to 1.71 per cent in the quarter from 1.67 per cent for
the quarter ended December 2007. The share of liquid schemes in the industry AUM fell to 17
percent in March 2008 from the 20 per cent level in December mainly due to outflows from liquid
funds towards corporate advance tax payments.

    70.00
                                                            Overnight MIBOR %
    60.00

    50.00

    40.00

    30.00

    20.00

    10.00

     0.00
            30-Mar-07




                                    30-May-07



                                                30-Jun-07



                                                             30-Jul-07




                                                                                                             30-Nov-07




                                                                                                                                     30-Jan-08




                                                                                                                                                              30-Mar-08
                        30-Apr-07




                                                                         30-Aug-07



                                                                                     30-Sep-07



                                                                                                 30-Oct-07




                                                                                                                         30-Dec-07




                                                                                                                                                  29-Feb-08
In the retail category of Liquid Schemes, 27 schemes qualified for ranking, with Tata Floating Rate
Fund - Short Term, Tata Liquid Fund – RIP, DBS Chola Short Term Floating Rate Fund and Liquid
Benchmark Exchange Traded Scheme - Liquid BeES being the new entrants. Tata Liquid Fund - RIP
entered on account of satisfying the AUM cut-off criteria.

Reliance Floating Rate Fund, Templeton India Money Market Account - Regular – Bonus and Tata
Floating Rate Fund - Short Term topped the category at CRISIL~CPR 1 position with Reliance
Floating Rate Fund and Templeton India Money Market Account - Regular – Bonus moving up by
one notch while Tata Floating Rate Fund - Short Term was a new entrant. All the three schemes
beat the CRISIL LiquiFex in terms of 3-months returns till March 2008. The average maturity of
Reliance Floating Rate Fund fell from 208 days to 157 days over the quarter while its net receivables
component increased from nil to 27% of AUM in the 3 months ended March 2008. For, Tata Floating
Rate Fund - Short Term, average maturity increased from 126 days to 281 days while its net
receivables component increased from 1% to 18% of AUM in the same period. In the case of
Templeton India Money Market Account - Regular – Bonus as well, net receivables component
increased from almost nil to 9% in the quarter.

While Reliance Liquid Fund - Treasury Plan and Principal CMF - Liquid maintained their ranks in
the CRISIL~CPR 2 cluster; Tata Liquid Fund - RIP and DBS Chola Short Term Floating Rate Fund


CRISIL~CPR Mutual Fund Rankings March 2008                                                                                                       Page 22 of 38
were new entrants while Standard Chartered Liquidity Manager Plus and UTI Liquid Cash Plan
were also part of the cluster. Reliance Liquid Fund - Treasury Plan scored well on parameters like
Volatility, Asset Size and Asset Quality; Principal CMF - Liquid benefited from its score on
Volatility, Average Maturity, Company Concentration and Liquidity parameters.

The average maturity of all ranked schemes in the category saw a rise during the quarter to 147
days in March 2008 from 128 days in December.



CRISIL~CPR Rankings
Liquid Category – Quarter ended March 31, 2008
Time frame - One Year (April 1, 2007 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                         Page 23 of 38
   •   Liquid – Institutional Plans

Nine schemes qualified in the Liquid Institutional Category without any new entrants. Tata Liquid
Fund – SHIP continued to be at CRISIL~CPR 1, by maintaining its foothold on parameters like
Mean Return, Asset Size, DRP and Asset Quality. Birla Cash Plus – Institutional and Reliance
Liquid Fund - Treasury Plan – Institutional retained their CRISIL~CPR 2 position.



CRISIL~CPR Rankings
Liquid Institutional Category – Quarter ended March 31, 2008
Time frame - One Year (April 1, 2007 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                        Page 24 of 38
   •   Liquid – Super Institutional Plan

Sixteen schemes were ranked in the Liquid – Super Institutional Category, with no new entrants.
ICICI Prudential Liquid Plan – Super Institutional and Reliance Liquidity Fund continued to top
the category at CRISIL~CPR 1. ICICI Prudential Liquid Plan – Super Institutional scored higher on
the Mean Return, Asset Size, DRP and Liquidity parameters while Reliance Liquidity Fund did well
on most of the parameters considered.

In the CPR 2 cluster, while Birla Cash Plus – Institutional Premium, Principal CMF - Liquid -
Institutional Premium and UTI Liquid Cash Plan - Institutional Plan maintained its position, Kotak
Liquid Institutional Premium Plan moved up one notch to enter the cluster. The scheme scored well
on parameters like Asset Size, Average Maturity, Asset Quality and Company Concentration.


CRISIL~CPR Rankings
Liquid Super Institutional Category – Quarter Ended March 31, 2008
Time frame - One Year (April 1, 2007 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                         Page 25 of 38
Liquid Plus Schemes

Liquid plus funds are short tenor debt funds managed similar to liquid funds which seek to
provide tax benefits to investors. Since their introduction, liquid plus schemes have seen increasing
investor interest with the size of these schemes accounting for about 55% of the total open ended
AUM of Debt funds as of March 2008. In order to address the requirement for a comprehensive
model for Liquid plus schemes to aid investment decision making, CRISIL has extended the
coverage of the CRISIL~CPR rankings to Liquid Plus schemes with effect from March 2008.

Seventeen schemes were eligible for ranking in this category. Birla Sun Life Liquid Plus - Retail and
ICICI Prudential Flexible Income Plan topped the category at CRISIL~CPR 1. ICICI Prudential
Flexible Income Plan did well on most of the parameters and had an edge in terms of DRP and
Asset Quality parameters.

ABN AMRO Money Plus Fund - Regular Plan, HSBC Liquid Plus Fund – Regular, ING Liquid Plus
Fund – Regular and Principal Floating Rate Fund - Flexible Maturity Plan found a place in the
CRISIL~CPR 2 cluster.



CRISIL~CPR Rankings
Liquid Plus Category – Quarter Ended March 31, 2008
Time frame - One Year (April 1, 2007 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                           Page 26 of 38
Gilt-Long Schemes

The benchmark gilt index – I-SEC Li-Bex – posted lower returns 1% per cent in the quarter ended
March 2008, compared with 3.52 per cent for the quarter ended December 2007. Ten-year
benchmark government bond yields – represented by the 7.99 per cent, 2017 paper – ended higher
at 7.94 per cent on March 31, 2008, compared with 7.79 per cent on December 31, a rise of 15 bps.
Government bond prices fell (yields rose) mainly on selling due to sharp rise in headline inflation
rate to a 3-year high of 7.41%. The FM also reiterated inflation worries and indicated that the
government would take necessary steps to keep inflation in check. Rising inflation also washed
away any hopes of a rate cut and affected the sentiments in longer tenure bonds. The fall in bond
prices was, however, capped due to the 75 bps US Fed Funds interest rate cut as well as RBI
declining SLR status to new oil bonds. The Union Budget, announced on February 29 also lifted
sentiments for bonds with lower-than-expected market borrowing numbers for FY09. The average
residual maturity for ranked schemes fell during the quarter to 8 years from 17 years in December
2007.

          20                                        Average Maturity in Years (Gilt Funds)
          18
          16
          14
  Years




          12
          10
           8
           6
           4
           2
                                 Jun-06
                                          Jul-06




                                                                                                                                    Jun-07
                                                                                                                                             Jul-07
                                                                              Nov-06




                                                                                                                                                                                 Nov-07
                        May-06



                                                   Aug-06




                                                                                                Jan-07




                                                                                                                           May-07



                                                                                                                                                      Aug-07




                                                                                                                                                                                                   Jan-08
               Apr-06




                                                            Sep-06
                                                                     Oct-06


                                                                                       Dec-06


                                                                                                         Feb-07
                                                                                                                  Mar-07
                                                                                                                  Apr-07




                                                                                                                                                               Sep-07
                                                                                                                                                                        Oct-07


                                                                                                                                                                                          Dec-07


                                                                                                                                                                                                            Feb-08
                                                                                                                                                                                                                     Mar-08




Fourteen schemes were eligible for ranking in this category, with one new entrant, Kotak Gilt -
Investment - Regular, which satisfied the AUM criteria. Birla Gilt Plus - Regular Plan moved a
notch up to top the category at CRISIL~CPR 1. The move was effected due to higher SRS, which has
a 65 per cent weightage in the ranking criteria. ICICI Prudential Gilt - Investment - PF Option
maintained its top rank mainly due to a higher SRS while it also performed well on parameters like
Liquidity and Asset Quality. The scheme’s average maturity fell from 22 years to 16 years (highest
among ranked schemes) over the quarter while its deployment in reverse repos increased from nil
to 33%.

ICICI Prudential Gilt – Investment maintained its rank in the CRISIL~CPR 2 cluster while
Templeton India G-Sec Fund - Long Term Plan and Principal Gilt Fund - Investment Plan rose by
one notch to CRISIL~CPR 2 mainly due to SRS.


CRISIL~CPR Mutual Fund Rankings March 2008                                                                                                                                                             Page 27 of 38
CRISIL~CPR Rankings
Gilt-Long Category – Quarter Ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                 Page 28 of 38
Balanced Schemes

In the Balanced Schemes category, 16 schemes were eligible for the rankings. DSP Merrill Lynch
Balanced Fund jumped one notch to be in the top cluster, alongside Tata Balanced Fund, which has
been ruling the category for the past five consecutive quarters. Both the funds were at the top
mainly on account of higher SRS which has a 70% weightage in the rank. DSP Merrill Lynch
Balanced Fund also did well on the Company Concentration parameter. Both the schemes brought
down their equity components over the quarter. While Tata Balanced Fund saw investments in
equities fall from 75% to 67% over the quarter, DSP Merrill Lynch Balanced Fund saw the equity
component falling from 74% to 68% over the period under review. In the case of DSP Merrill Lynch
Balanced Fund which had a well diversified equity portfolio of 80 stocks, 3 stocks gave positive
returns during the quarter, viz., ING Vysya Bank (7%), Ranbaxy Laboratories (3%) and
GlaxoSmithKline Pharmaceuticals (1.5%). Tata Balanced Fund had an equity composition of 52
stocks in March 2008.

At CRISIL~CPR 2, Principal Balanced Fund moved up by two notches to this cluster while FT India
Balanced Fund and SBI Magnum Balanced Fund moved up by one notch. Kotak Balance was also
part of the cluster. The improvement in ranks was mainly due to a better SRS score.

The equity holding of all ranked schemes in the category dropped to 69 per cent in March 2008
from 72 per cent in December 2007.




CRISIL~CPR Mutual Fund Rankings March 2008                                       Page 29 of 38
CRISIL~CPR Rankings

Balanced Category – Quarter ended March 31, 2008
Time frame - Two Years (April 1, 2006 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                 Page 30 of 38
Consistent CPR Performers

Consistency in performance is an imperative for any avid investor and is usually centrally factored
into all investment decisions. With the introduction of the ‘Consistent CPR performer’ category,
CRISIL has commenced evaluating schemes for their consistency in performance over a specified
time period. The rankings seek to highlight schemes that have turned in the most consistent risk
adjusted performance as well as a superior performance on the CRISIL~CPR over the last five years
and act as complementary inputs into the existing ranking categories. The rankings for the
Consistent CPR Performers have been launched under the Equity, Balanced, Debt and Liquid
categories.


CRISIL~CPR Rankings
Consistent CPR Performer: Equity – Quarter Ended March 31, 2008
Time frame - Five Years (April 1, 2003 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                                         Page 31 of 38
CRISIL~CPR Rankings
Consistent CPR Performer: Debt – Quarter Ended March 31, 2008
Time frame - Five Years (April 1, 2003 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                  Page 32 of 38
CRISIL~CPR Rankings
Consistent CPR Performer: Balanced – Quarter Ended March 31, 2008
Time frame - Five Years (April 1, 2003 to March 31, 2008)




CRISIL~CPR Rankings
Consistent CPR Performer: Balanced – Quarter Ended March 31, 2008
Time frame - Five Years (April 1, 2003 to March 31, 2008)




CRISIL~CPR Mutual Fund Rankings March 2008                  Page 33 of 38
Annexure I - Category Definition for CRISIL~CPR Categories

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


   •   General Equity Category

   Schemes that predominantly invest in equity instruments (not hybrid schemes) are classified
   under this broad category. The schemes with the following features will be excluded from the
   ranking universe:

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

   2. Schemes whose offer document permits dynamic asset allocations, where the normal asset
      allocations for both debt and equity components could vary between 0 and 100 per cent.
      However, upon receipt of an undertaking from the asset management company (AMC),
      assuring predominant investment in equity, the scheme will be considered for ranking.

   3. Schemes for which there is a delay in receipt of portfolios from the fund house.

   4. Schemes with a stated objective to predominantly invest in derivatives.

   5. Schemes with the objective of investing in overseas equity markets.

   All the other schemes will be filtered through the eligibility criteria; eligible schemes are then
   classified into the following sub-categories:



   •   Large Cap-Oriented Equity Category

   Large Cap-Oriented Equity Schemes have been defined as those schemes that have at least 65
   per cent exposure in CRISIL-defined Large Cap Stocks for the preceding 24 months. Large cap
   stocks are defined for four blocks of six months each. Large cap oriented schemes need to have
   a minimum exposure of 65% in these large cap stocks for a minimum of four out of six months
   in each block. CRISIL defined large cap stocks include the top 100 scrips, based on six-month
   daily average market capitalisation on the National Stock Exchange (NSE) as of the six month
   ended September 2006, March 2007, September 2007 and March 2008. The universe of large cap
   stocks and the scheme’s classification thereby would be reviewed every quarter.




CRISIL~CPR Mutual Fund Rankings March 2008                                           Page 34 of 38
   •   Equity Linked Savings Schemes (ELSS)

   This category comprises schemes investing in equity and equity-related instruments, and is
   aimed at enabling investors to avail tax rebates under Section 80 C of the Income Tax Act. There
   is a statutory lock-in period of three years for investments in any ELSS scheme.



   •   Diversified Equity Category

   The remaining eligible equity schemes will be ranked under this category.



   •   Index Category

   Index Schemes for the purpose of CRISIL~CPR ranking are defined as schemes launched with
   an objective to generate returns that are commensurate with the performance of their
   benchmark’s Total Return Index (TRI), subject to tracking errors. These schemes are managed
   passively, with investments in stocks in a proportion that is as close as possible to the
   weightages of these stocks in their benchmark indices. The investment strategy would revolve
   around reducing the tracking error to the least possible through regular rebalancing of the
   portfolio, taking into account the change in weights of stocks in the benchmark index as well as
   the incremental collections/redemptions in the scheme. Open-ended Exchange Traded Funds
   (ETFs), whose objective is to produce returns that, before expenses, closely correspond to the
   returns of securities as represented by their benchmark index, would also form a part of the
   Index Scheme ranking universe. However, Index Schemes with the following features will be
   excluded:

   1. Index Schemes whose objective is to invest a majority of their net assets in the same stocks
      and weightage proportion as their benchmark index, and the remaining amount of their net
      assets in stocks which do not form a part of their benchmark index.

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

   3. Index Schemes having sectoral indices as benchmarks.



   •   Balanced Category

   Schemes investing more than 60 per cent, but less than 80 per cent, of the assets under
   management (AUM) in equity securities, and 20 to 40 per cent in long-term bonds/government
   securities will be ranked as balanced schemes.




CRISIL~CPR Mutual Fund Rankings March 2008                                         Page 35 of 38
   Specialty Schemes with the above asset allocation but having special focus, such as children,
   pension, unit-linked insurance, young citizens, charity, and retirement, would not be
   considered.

   •   Monthly Income Plan Category

   Those schemes, where investment into equity is restricted to a maximum of 30 per cent and
   generally declare monthly dividends are classified under this category.

   1. MIP – Aggressive: Schemes wherein the objective limits investment in equity securities to
       15 to 30 per cent of the corpus.

   2. MIP – Conservative: Schemes wherein the objective limits investment in equity securities
       to up to 15 per cent of the corpus.



   •   Debt - Long Category

   This category comprises schemes that predominantly invest in long-term corporate debt papers
   and government securities (G-Secs). These schemes also invest in short-term and money market
   securities. However, the following exceptions are made in the selection criteria:

   1. Schemes investing 60 per cent or more in G-Secs will not be included in the peers for the
      Income category.

   2. Speciality schemes, such as Dynamic Debt, Derivatives, and Select Debt, would not be
      considered.



   •   Debt – Short Term

   This category comprises schemes that predominantly invest in short-term corporate debt
   papers, certificates of deposit (CD), money market, and G-Secs.
   Speciality schemes, such as Flexi-Debt, Dynamic Debt, Derivatives, and Select Debt, would not
   be considered.



   •   Gilt-Long Category

   This category includes schemes that predominantly invest in long-term securities issued by
   central and state governments, including call money, treasury bills, and repos of varying
   maturities, with a view to generating credit risk-free return.
   Schemes offering pension and investment options with distinct portfolios will be ranked
   separately.

CRISIL~CPR Mutual Fund Rankings March 2008                                       Page 36 of 38
   •   Liquid Category

   Liquid fund schemes and plans of mutual funds have the following characteristics with regard
   to their portfolio:

   1. The mark-to-market component of the fund on a weekly average basis is less than 10 per
      cent.

   2. The average maturity of the portfolio is one year or less.

   Schemes offering Sweep options, Liquid Plus, Liquid Floater, and the like, would not be
   included.

   Depending on the minimum investment amount disclosed in the offer documents, the liquid
   funds are further classified into:

   1. Retail – Minimum investment up to Rs.1 million

   2. Institutional – Minimum investment above Rs.1 million, but less than Rs.50 million

   3. Super Institutional – Minimum investment of more than Rs.50 million

   In case two options of a liquid scheme fall under the same category as per CRISIL’s definition,
   then the option with the best performance will be ranked.


   •   Liquid plus Category

   Schemes that are named as Liquid plus schemes are considered under this category. Upon
   receipt of an undertaking from the asset management company (AMC), assuring positioning of
   the scheme as Liquid plus, schemes positioned as Liquid plus schemes will be considered for
   ranking if the risk return characteristics for that scheme, is in line with the risk – return
   characteristics for the peer set.


   •   Consistent CPR Performers

   This category comprises schemes that have rankings in all quarterly CRISIL~CPRs over the 5
   year time frame, as on the date of the rankings.


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


CRISIL~CPR Mutual Fund Rankings March 2008                                        Page 37 of 38
Note: An entity wishing to use the CRISIL~CPR rankings in its prospectus / offer document /
advertisement / promotion/ sales literature, or wishing to re-disseminate these rankings, may do so
only after obtaining the written permission of the ranking entity, CRISIL FundServices, CRISIL
Limited.




DISCLAIMER: CRISIL has taken due care and caution in compilation of data for this analysis.
Information has been obtained by CRISIL from sources, which it considers reliable. However,
CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not
responsible for any errors or omissions or for the results obtained from the use of such information.
CRISIL especially states that it has no financial liability whatsoever to the users of this report.
Neither CRISIL, nor any director, employee or representative of CRISIL can accept liability for any
direct or consequential loss arising from the use of this data.




For the methodology log on to www.crisil.com


For further details on CRISIL Composite Performance Ranking (CRISIL~CPR), please contact:
Vishal M Thakkar / Gayathri S


CRISIL FundServices
CRISIL Limited
1061, Solitaire Corporate Park,
Andheri - Ghatkopar Link Road,
Andheri (East),
Mumbai- 400 093, India
Tel: +91 (22) 6758 8023 / 6758 8031 / (B) 6758 8000
Fax: +91 (22) 6758 8088
E-mail: CRISILFundServices@crisil.com



CRISIL~CPR Mutual Fund Rankings March 2008                                           Page 38 of 38

				
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