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BIRLA SUN LIFE MIDCAP

It started as a middle-of-the-road performer and began to take on competition in 2006 because of its sector selection. Last year, the scheme earned 120 per cent, 22 per cent over its category.
Though the portfolio is churned frequently, it avoids concentration. Since 2005, no sector, the scheme invested in, has breached the 20 per cent mark, nor has a single stock crossed 6 per cent allocation. Therefore, the portfolio is sometimes packed with as many as 65 stocks. But, that could also be due to portfolio transition. When the scheme shifts between themes (like defensive or growth), it takes time to offload those stocks.


In 2008-end, the fund was heavily into debt, which it offloaded completely in early 2009 and moved into cash. Just before the 2009 rally, its large-cap allocation was 25 per cent and then dropped to just one per cent in two months.


This fund earns during rallies, but, does not stray drastically from the category average during downturns. The good part is that the investors are rewarded in the long-run. In the 3- and 5-year period, it returned 18 per cent (category average: 8 per cent) and 28 per cent (category average: 21 per cent), respectively, as of 31December 2009.


The scheme invests 65-100 per cent in equity and related instruments. Stocks with market capitalisation of Rs 150-1,500 crore are looked at. And, up to five per cent in put into cash, deposits and money market instruments, including Mibor-linked shortterm paper.

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