Religare Invesco Mid N Small Cap Fund
The fund shall primarily focus on the mid and small cap stocks by following bottom up approach and the focus will primarily be on specific company rather than the industry in which that company operates.
Consistency has been a key attribute of Religare Invesco Mid N Small-cap Fund. This is also reflected in its ratings, which have stayed at four stars for all of the last four years. The fund hasn't outpaced the category by a large margin in the last seven years, but it has outpaced its benchmark and delivered predictable returns. The seven-year CAGR is 22.7 per cent. This fund tilts strongly towards mid-cap stocks in its portfolio, with a 60-75 per cent exposure to them. The fund's mandate is less tightly defined than its peers', with its investment universe made up of under-researched stocks from the BSE 200 and CNX Midcap Index as well as other bottom-up ideas, making up a total of 290 stocks. The investment style is growth-oriented. The fund looks for companies with a minimum return on equity of 15 per cent and focuses on historical performance more than on forecasts to assess company prospects. Management quality and a competitive 'moat' are important too.
The fund's one-, three- and five- year returns are ahead of the benchmark by 12-13 percent on an annualised basis. The fund has outpaced the category by a low margin of 3-4 percent. Yearly returns show that, except for the début year in which the fund trailed the benchmark, it has outperformed in every other year. The outperformance has been substantial both in bullish years like 2010 and 2012 and in bearish ones like 2011 and 2013.
Overall, it's a good choice for investors who are looking for good risk-adjusted returns in the mid-cap category.
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