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IDFC Tax Advantage (ELSS) Fund - Buy Online
The scheme seeks to build a diversified portfolio comprising of stocks of companies with strong fundamentals that are available at reasonable valuations. The scheme can be fully into equities (and equity related securities) and upto 20% in debt & money market instruments
Consistency has been the hallmark of IDFC Tax Advantage Fund. A top quartile fund over 3 and 5 years, it has clocked a five year CAGR of 18.8 per cent, ahead of the category's 15.2 per cent. Starting with 3-star rating in 2011, the fund has improved its ratings to 4 stars thereafter, mostly retaining these ratings with its predictable performance. The fund's returns in the last one year has been well ahead of the benchmark, at 42.4 per cent, but a tad behind the category average of 43 per cent.
A small-sized fund, this fund tends to actively manage its allocations between large-, mid- and small-cap stocks. The call seems to be based on market conditions and relative valuations. Currently it is a mid-cap stock biased ELSS fund. After retaining 65-70 per cent exposure to large-cap stocks in 2011, the fund has steadily reduced its large-cap focus. At the same time, mid-cap allocations rose from 20-25 per cent for much of 2013 to nearly 47 per cent by end June 2014. The fund is now significantly overweight to mid-cap stocks relative to the category. Its 10-15 per cent exposure to small-caps are almost in line with the ELSS peer group.
This fund may not top the to-buy list among tax saving funds but is a reasonable bet for an investor who seeks consistency in returns.. As the bull market gained strength post elections, the fund has raised weights in mid cap stocks. While its stock choices are in favour of mid-caps, the fund seems to have taken a somewhat defensive position in terms of sector choices in recent months.
This fund has managed to beat its benchmark as well as peer group over 3 and 5 year periods with returns of 16.9 and 18.8 per cent relative to 14.2 and 15.2 per cent for the category. One year returns have been somewhat muted though. The fund seems to thrive on sideways markets with a return of 15 per cent in 2013, significantly higher than the peer group's 6.6 per cent. The fund also managed a good show in 2010 and an ability to contain downside well in 2011.
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