A slow starter, this fund has become a steady performer generating five-year annualised returns of 16 per cent, ahead of its benchmark by 6.1 per cent points. It has given a return of 43.5 per cent in the last year, beating its benchmark by 5.8 per cent points. A slow starter, it has since proved its credential as a dependable player with a steady returns of 15 per cent. It outperformed both the category and benchmark in 2013.
A small-sized fund, it actively manages its investments in large-, mid- and small-cap stocks. It has actively increased its focus on mid-cap stocks in the last two years and increased the allocation to almost 40 per cent, consistently higher than its category. The strategy may have helped it perform better in the current rally, but it can also backfire when the market enters a lacklustre phase. Probably, this is the reason why the fund has taken a defensive position in sector choices lately.
The investment strategy of the fund is to invest in well-managed companies with growth potential that are available at reasonable value. Companies are selected after a systematic process of forecasting earnings based on their industry growth potential and interaction with the company managements.
Though it may not figure at the top of the ELSS list, it is a good choice for investors looking for consistent returns. The fund has also proved its ability to thrive in sideways market and contain the downside in bad market conditions.
1.ICICI Prudential Tax Plan
2.Reliance Tax Saver (ELSS) Fund
3.HDFC TaxSaver
4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
9.Axis Tax Saver Fund
10.BNP Paribas Long Term Equity Fund
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