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Mutual Fund Review: HDFC TAXSAVER

Investment Strategy:

This fund focuses mostly on large cap stocks. In the past three years, large cap stocks on an average account for about 75% of the portfolio, midcap stocks account for about 15.5% of the portfolio, small cap stocks account for about 3.5% of the portfolio and cash holdings account for 5.0% of the portfolio.

Banking, Pharmaceuticals, Information Technology, Oil Exploration and Electric Equipment are the important sectors for this portfolio. These five sectors have accounted on an average for 45.5% of the portfolio across the three year period and about 48% of the portfolio in 2010. Banking sector has never had an allocation of less than 15% in the past three years and continues to be the dominant sector in the portfolio. Exposure to the Electric Equipment sector has seen a drastic reduction in the past three years; the allocation has decreased from 13.5% of the portfolio allocation in December 2007 to 4.3% in December 2010.

Asset Size:

The fund's AUM is around Rs. 3093 crore as at 31 March 2011.

Performance:

This fund is one of the best performing ELSS funds in India and also the second 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 S&P CNX 500 Index across all periods, right from six months till since inception. Over a 1 year period, this fund has given 26.42% while its benchmark has given 14.13% and has given annualized returns of 17.9% over a 5 year period in comparison to 14.96% of the benchmark over the same 5 year period. 

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