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Kotak Select Focus Fund - Invest Online

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Kotak Select Focus Fund - Invest Online

 

This relatively young fund has stayed ahead of the benchmark in each of the five years since launch.

Strategy: Although its mandate allows it to choose select sectors to focus on, in recent times, the fund hasn't really gone overboard on any of its top sector choices. Financials, automobiles and technology have been the top sectors in the latest portfolio.

In the latest portfolio, the top 5 stocks accounted for 23 per cent of assets, not a very high proportion. The fund has a large-cap tilt, parking 70-75 per cent of its assets in large-cap stocks in the last one year. While mid-cap exposures are at 20-28 per cent and a token 3 per cent exposure to small-caps. The fund allocation to debt and cash has ranged between 3-8 per cent. It is overweight in large-caps and underweight in small-caps relative to its peers.

The number of holdings at 49 stocks in the latest portfolio is lower than some of the peers, but not significantly lower than the category average of 53. This is a mid sized fund with assets of R1059 crore as of September 2014. In recent months, with a rising market, the fund has increased its fixed income allocation to about 8 per cent.

Performance: The fund has a relatively short tenure but has managed to consistently outperform the market in this period. Its trailing three and five year return reflect its good performance, with a 3 year CAGR at 22.3 per cent and 5 year CAGR at 13.4 per cent. The fund has managed a 12 per cent higher return than the category in the past one year. It has managed to do well in both bull as bear phases of the market. It fell 22 per cent, much less than its benchmark during 2011.

What we don't like: While the going has been good so far, the fund's mettle is yet to be tested in a truly hostile market like 2007.

Why Invest? The fund's mandate of focusing on select sectors may pay off well in a bull market. But given the lack of a return record across a full market cycle, limited exposures are warranted as of now.


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