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Mutual Fund Review: FIDELITY TAX ADVANTAGE FUND

Investment Strategy:

This fund focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 76% of the portfolio, midcap stocks account for about 9% of the portfolio, small cap stocks account for about 8% of the portfolio and cash holdings account for 5.2% of the portfolio.

Banking, Pharmaceuticals, Information Technology, Refineries and Cigarettes are the important sectors for this portfolio. These five sectors have accounted on an average for 45% of the portfolio in 2010, and 42% across the three year period. Banking sector has never had an allocation of less than 13% in the past three years and continues to be the dominant sector in the portfolio. Exposure to the Cigarette sector has increased tremendously in the past three years, from 1.4% of the portfolio allocation in December 2007 to 4.4% in December 2010.

Asset Size:

The fund's AUM is around Rs. 1281 crore as at 31 March 2011.

Performance:

This fund is one of the best performing ELSS funds in India and also the best performing ELSS fund on our platform over a 5 year period (31 December 2005 to 31 December 2010).


As of 31 December 2010, this fund has outperformed its benchmark, the BSE 200 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 29.23% while its benchmark has given 16.22% and since inception, this fund has given annualized returns of 19.38% while its benchmark has given 15.0%. 

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