IDFC Mutual Fund is backed by one of India's premier financial institutions and is committed to ensuring a smooth transition and continuity of fund performance. Kenneth will be with us for the next 3 months helping with the transition.
Our Investment philosophy is consistent across our range of funds. All our funds are constructed on a common investment philosophy and the specific objectives of each fund. The investment principles are:
1) Buy capital efficient companies in consolidating industries
2) Invest in category leaders and for the long term
IDFC Premier, our flagship Fund, has been managed as a high conviction, long term portfolio of capital efficient companies with limited churn. Punam Sharma, our Head of Research & Fund Manager, has been assisting Kenneth on management of Premier. She has assisted in the management of Premier Equity Fund since its inception in October, 2005 and will maintain continuity of thought process and investment framework. She has been with IDFC MF for the last 14 years. She also manages Equity Opportunity Series 2, Asset Allocation Fund, MIP and Dynamic Equity Fund.
IDFC Premier has a unique design of taking investments through SIPs/STPs and the fund takes lump sum investments only when the fund manager is convinced there are incremental investment opportunities. As a result, 60% of Premier's AuM comprises of long term SIP's allowing us to have a long term view on stock selection. Few statistics of our investor mix are:
1. Retail (AuM < Rs 5 lacs): 45%; HNIs (5 lacs - 1 cr): 33%; Large HNIs (1 cr +): 13% & Others: 9%
2. We have 2.4 lac investors in the fund, of which only 13 investors have more than Rs10 cr+ AuM.
Our investor mix gives us comfort on the stability of assets of the fund and its ability to withstand any short term pressure. The Fund has maintained between 10-20% cash position as a strategy and this along with an inflow of approximately Rs.700 cr annually through SIPs and STPs provides a large cash buffer ensuring that the fund manager is not required to exit long term positions to meet redemption requests.
IDFC Premier has been successful in its ability to effectively track long term themes and trends. The portfolio has oriented itself to reflect the structural changes playing out in the economy. The long term nature of portfolio construction and the stability in the investor profile requires relatively low portfolio maintenance.
IDFC MF has always kept investor's interest as priority in its business approach. We have closed funds for new sales in an overheated market and returned money to investors in our close ended funds & PMS portfolios. IDFC MF has avoided NFOs which mirror existing funds just to garner new sales.
These principles will continue going forward.
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