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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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3CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 3
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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CRISIL Mutual Fund Ranking - Quarter ended Jun 20114
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
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5CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 5
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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7CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 7
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.
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CRISIL Mutual Fund Ranking - Quarter ended Jun 20118
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
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9CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 9
Diversied Equity funds
Diversied Equity funds
CRISIL
Fund RankJune - 11
Change
vsMar - 11
CRISIL
Fund RankMar - 11
Superior
ReturnScore
IndustryConcentration
CompanyConcentration Liquidity
Weightages 75% 10% 5% 10%
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
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201110
Diversied 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%
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)
Figures in bracket indicate the previous quarter score
Diversied Equity funds (Contd.)
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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
Concentration Liquidity
Weightages 75% 10% 5% 10%
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)
Figures in bracket indicate the previous quarter score
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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
Concentration Liquidity
Weightages 80% 10% 5% 5%
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)
Figures in bracket indicate the previous quarter score
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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
Figures in bracket indicate the previous quarter score
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
Concentration Liquidity
Weightages 75% 10% 5% 10%
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)
Figures in bracket indicate the previous quarter score
CRISIL Mutual Fund Ranking - Quarter ended Jun 2011
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201114
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)
Figures in bracket indicate the previous quarter score
K = Equity Component in Hybrid Funds
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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)
Figures in bracket indicate the previous quarter score
K = Equity Component in Hybrid Funds
HYBRID
FUND
S
CRISIL Mutual Fund Ranking - Quarter ended Jun 2011
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201116
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)
Figures in bracket indicate the previous quarter score
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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)
IDFC Super Saver Income Fund -
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)
IDFC Super Saver Income Fund -
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)
Figures in bracket indicate the previous quarter score
DEBTFUN
DS
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201118
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
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19CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 19
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
Liquid funds - Super Institutional
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201120
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
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21CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 21
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201122
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)
Figures in bracket indicate the previous quarter score
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
Concentration Liquidity
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)
Figures in bracket indicate the previous quarter score
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23CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 23
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)
Figures in bracket indicate the previous quarter score
Consistent Performers - Equity funds
CONSISTENTPE
RFORMERS
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201124
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)
Figures in bracket indicate the previous quarter score
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)
Figures in bracket indicate the previous quarter score
Consistent Performers - Debt funds
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25CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 25
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)
Figures in bracket indicate the previous quarter score
Consistent Performers - Liquid funds
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CRISIL Mutual Fund Ranking - Quarter ended Jun 201126
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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27CRISIL Mutual Fund Ranking - Quarter ended Jun 2011 27
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