This annual top quartile performer stands tall in the long run as well. Over the 2-year period ended October 31, 2009, Fortis Money Plus Inst delivered an annualized return of 8.48 per cent against its category average of 7.21 per cent.
Even during its worst quarter (August 4 to November 3, 2009), the fund delivered ahead of its peers. It turned in a return of 1.23 per cent against the average return of 1.08 per cent over this period.
While the performance is appealing, its expense ratio is not. Though on the lower side at 0.47, it has consistently risen from 0.27 (March 2008).
This year, the fund has been heavily into Commercial Paper (CP) and Certificate of Deposits (CDs). Even then, the average maturity of the fund's portfolio has never exceeded one year and has largely been on the lower side in the category. Over the past one year, it touched a maximum of 5.64 months (September 2008) and currently stands at 3.96 months (September 2009).
Despite the fund's size falling dramatically to Rs 737 crore (December 2008), it has managed to bounce back with a corpus worth Rs 6,633 crore (September 2009).
