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Mutual Fund Review: Religare Tax Plan

A relatively new fund, it has managed to provide downside protection to investors, with good returns during market rallies. This is a well-diversified fund, that currently has 57 stocks in its portfolio, with a large-cap skew accounting for 62 per cent allocation.

The fund does take an aggressive stand from time to time. For instance, HPCL accounted for nine per cent allocation in December 2008, which Vetri Subramaniam, head-equity funds, justifies as in the context of the overall sector exposure and was manageable risk, relative to the benchmark. Though the fund's benchmark is BSE 100, the fund considers a universe of 306 stocks and according to the fund manager, the base universe is the BSE 200, to which companies from the CNX Midcap Index get added.

The fund manager stays away from the momentum game and avoids getting into cyclicals, which may check its return potential during market rallies.

Stock picking is the driver for the fund's superior performance. For instance, stocks such as Nestle India, HPCL and ITC were among the 38 stocks in the portfolio for six months or more and yet experienced a fall lower than that of Sensex in 2008. The fund has low cash reserves, which can limit its ability to invest in opportunities that may arise.

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