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Tata Dividend Yield Fund
Investment Objective
The scheme aims to provide income distribution or medium to long term capital gains by investing predominantly in high dividend yield stocks.
Analysis
This fund has leaned towards the smaller end of our multi-cap range and done rather well. Whether it's in comparison to the rest of the multi-cap category, or its CNX 500 benchmark, it shines out. Moreover, it's most productive periods have consisted of out performance both in rising and falling equity markets.
In the last seven years, the fund has underperformed the benchmark only twice. Both were by small margins and in other years when there were large returns. Relative to the benchmark, 2007, 2010 and 2011 have been exceptional years. Cumulatively, the fund has outperformed by 50 per cent over this period, for total returns of 129 per cent. By any measure, these are excellent numbers.
The fund outperformed the benchmark almost continuously from early 2007 to mid 2012, through ups and downs. Effectively, it gained more during the bull phases and lost less during the downturns. This makes for excellent risk-adjusted returns, something that is amply reflected in its Value Research Star Rating. Over the last three years, it's average rating is 4.2. With the exception of one month, it has been a 4 or 5 star fund throughout this time. The lifetime average rating too is a high 3.8.
Tata Dividend Yield has exploited the low end of capitalisation weights better than most of its peers. This bias has narrowed in the last two years, staying within a few percentage points. However, during 2009-11, the fund was routinely more than 10 percentage points more into small-caps than the category average.
According to fund manager Rupesh Patel, "The approach to managing this fund is primarily bottom up with a focus on buying businesses with superior growth characteristics, quality management and generating high returns on capital. At the same time the fund is not agnostic to investing in opportunities where the underlying value of the business is higher than as reflected by the market." Taking a holistic view, this is a highly investment-worthy fund.
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