CRISIL Mutual Fund Ranking

For the quarter ended December 31, 2021

Contact Us
Analytical Business Development

Piyush Gupta Pradeep Nair Dinesh Agarwal

Director Associate Director Associate Director
[email protected] [email protected] [email protected]

Kiran Nate Ankur Nehra Priyanka Murarka

Manager Associate Director Associate Director
[email protected] [email protected] [email protected]

Shrishti Nolkha Amit Bhardwaj

Senior Research Analyst Associate Director
[email protected] [email protected]
Industry highlights
Average assets under management (AAUM) of the mutual Hybrid funds, which invest in more than one asset class, saw
funds industry grew nearly 6% in the last quarter of 2021. On 11% on-quarter rise in average assets. The category’s
a yearly basis, assets grew 29% to ~Rs 39 trillion in 2021 – average asset base rose to Rs 4.83 trillion in the December
registering growth for the eleventh consecutive year, mainly quarter. On-year, the category grew 54% or by Rs 1.7 trillion.
due to jump in assets of equity mutual funds and index AUM of dynamic asset allocation or balanced advantage
funds/exchange traded funds (ETFs). The rise could also be funds, which constitutes 33% of the total hybrid assets, rose
attributed to continued inflows through systematic ~26% or by Rs 326 billion to Rs 1.59 trillion. AUM of
investment plans (SIPs). The industry witnessed net flows of aggressive hybrid funds, which constitutes 30% of the total
Rs 328 billion in the third quarter of fiscal 2022 through SIPs, hybrid assets, increased Rs 74 billion to Rs 1.46 trillion, while
compared with Rs 235 billion of net flows in the same period that of arbitrage funds (3% of total hybrid assets) rose Rs 31
of fiscal 2021. The industry logged net inflows of Rs 1.14 billion to Rs 162 billion.
trillion in 2021 through SIPs, crossing the Rs 1 trillion mark
Investor interest in passive funds, viz., index funds, ETFs and
for the first time in any calendar year since the Association of
fund of funds, continued to rise, with the assets of these
Mutual Funds in India (AMFI) started declaring this data.
schemes rising ~14% or Rs 604 billion in the December
Average assets of equity schemes jumped ~10%, or by Rs quarter to Rs 4.94 trillion. On-year, growth was a whopping
1.16 trillion, to Rs 13.2 trillion in the December quarter, ~73% or Rs 2 trillion.
despite mark-to-market losses. Assets increased 58% on-
Chart 1 – Mutual fund net flows and AUM trend
year, or by Rs 4.8 trillion. The benchmark equity index S&P
40 2.0
Quarterly Average AUM (Rs trillion)

BSE Sensex fell 1.5% during the quarter, although it posted a 38

massive 22% rise in 2021 (best gains since 2017). Investors 1.5
36

Net flows (Rs trillion)

continued to increase their exposure to these funds, as 34
1.0
reflected in a net inflow of about Rs 419 billion in the 32

December quarter compared with Rs 399 billion in the 30 0.5

28
September quarter. The year 2021 saw net inflows of Rs 910 0.0
26
billion in equity mutual funds compared with net inflows of
24
-0.5
Rs 91 billion in the previous year. 22
20 -1.0
Within the equity category, AAUM of flexi-cap, large-cap,
Sep-20

Sep-21
Jun-20

Jun-21
Dec-19

Mar-20

Dec-20

Mar-21

Dec-21

sectoral/thematic, mid-cap, and focused funds witnessed

the biggest rise in absolute terms. On consolidated basis,
Net flows (Rs trillion) Industry AUM (Rs trillion)
their AUM (64% of total equity AAUM) jumped Rs 749 billion
during the quarter. Source – AMFI

Assets of debt funds, which account for 38% of the industry’s

Table 1 – Category-wise average AUM (Rs billion)
AAUM, fell marginally on-quarter to Rs 14.77 trillion in the Oct-Dec Jul-Sep Absolute
Mutual fund category % change
2021 2021 change
December quarter. On-year, assets grew ~7%, or by Rs 923
Equity 13160 11996 1164 9.71%
billion. Within the category, on absolute basis, assets of
Hybrid 4835 4361 474 10.86%
overnight funds rose the most – up Rs 193 billion (20%) –
Debt 14771 14834 -63 -0.43%
followed by floater funds, up Rs 130 billion (~15%) in the
Others* 4944 4339 604 13.93%
December quarter. On the other hand, assets of low duration
Solution Oriented 295 278 17 6.12%
funds, liquid funds, banking and PSU debt funds, ultra-short
Closed Ended 632 767 -134 -17.54%
duration funds and corporate bond funds fell Rs 442 billion
Total 38637 36575 2062 5.64%
cumulatively. These categories constitute 59% of total debt
* includes funds of funds and index funds/ETFs
assets. Source - CRISIL Mutual Fund Database

1
Of the 44 fund houses (including infrastructure debt funds) observation letter given to mutual fund houses by the
that declared AAUM, 37 saw gains during the December markets regulator to launch new fund offers
quarter. The industry continued to be highly concentrated, ● SEBI Chief Ajay Tyagi said domestic mutual funds cannot
with the share of the top five and top 10 fund houses at 56% make investments in crypto-related products till there is
and 81%, respectively, as of December 2021, almost same as a law for such assets in the country
in the previous quarter.
● SEBI said it is compulsory for trustees to obtain consent
SBI Mutual Fund retained the top position in terms of AAUM of unitholders before winding up a scheme or
during the quarter. Its assets rose 8.5%, or by Rs 494 billion, prematurely redeeming units of a close-ended scheme
on-quarter to Rs 6.29 trillion. ICICI Prudential Mutual Fund ● SEBI decided to introduce special situation funds that
came in second with assets of Rs 4.83 trillion, up ~5% or Rs will invest only in stressed assets; such funds will have a
222 billion, and HDFC Mutual Fund came in third with a ~2% minimum corpus of Rs 1 billion
rise, or by Rs 85 billion, to reach Rs 4.50 trillion. ● SEBI extended the deadline for implementing the risk
management framework for mutual funds till April 1,
Major regulations and developments
2022
● The Securities and Exchange Board of India (SEBI) came
● SEBI asked mutual funds, portfolio managers and
out with operating norms for the introduction of silver
alternative investment funds (AIFs) to disclose investor
ETFs in India
charter and data relating to complaints received
● SEBI introduced a two-tiered structure for benchmarking
● SEBI extended the deadline for the applicability of
certain categories of schemes to standardise and bring
tweaked reporting requirements for AIFs till September
uniformity to the benchmarks of mutual fund schemes
30, 2022, from December 31, 2021
● SEBI directed mutual funds to undertake minimum 25%
● Pension Fund Regulatory and Development Authority
and 10% of their monthly secondary market trades in
(PFRDA) revised the charges for making initial and
corporate bonds and commercial papers, respectively,
subsequent contributions to the National Pension
on the so-called ‘Request for Quote’ platform of stock
System (NPS) accounts through point-of-presence
exchanges
outlets
● SEBI proposed to revise the investment norms for
● PFRDA allowed Aadhaar eKYC as an additional option to
schemes that invest in the environmental, social, and
add customers under the Atal Pension Yojana, in a bid to
governance theme. It also mandated that from October 1,
increase its subscriber base and simplify the on-
2022, asset management companies (AMCs) should only
boarding process further
invest in securities with business responsibility and
● The Employees’ Provident Fund Organisation approved
sustainability report disclosures
investing up to 5% of annual deposits in alternative
● SEBI barred senior employees and directors of AMCs and
investments including infrastructure investment trusts
their trustees from buying or selling mutual fund units
(InvITs)
while having access to any non-public information
● HSBC Asset Management inked a pact to acquire L&T
● SEBI said that pooling of funds and units by stock
Investment Management for $425 million
brokers or clearing members shall be discontinued for
● Sundaram Asset Management got SEBI’s approval for
mutual fund transactions
the purchase of asset management businesses of
● SEBI came out with norms on the usage of pool funds by
Principal Asset Management
mutual funds. It said asset managers should have
● The White Oak Capital Group completed the acquisition
internal policies approved by their Board and trustees to
of Yes Bank’s mutual fund business
ensure adequate operational processes and internal
controls are in place to segregate and ring-fence the ● Tata Asset Management and Max Life Insurance Co got
assets and liabilities of each scheme along with PFRDA’s approval for setting up pension fund managers
segregation and ring-fencing of securities and bank ● Prudent Corporate Advisory Services announced the
accounts acquisition of the mutual fund business of Karvy Stock
● SEBI restored the six-month validity period of the Broking

2
 OVERVIEW
Equity market overview
Table 2 – Movement of key equity market indices Chart 2 – FII / Mutual fund daily investments & Sensex
Quarter ended Year ended Dec- Movement
65000 50
Index Dec-21 21 63000

FII/ MF Daily Net Equity

Investments Rs. billion
(% change) (% change) 61000 30

S&P BSE Sensex

59000
S&P BSE SENSEX -1.48 21.99 57000 10
55000
S&P BSE Midcap -1.12 39.18 53000 -10
51000
S&P BSE SmallCap 4.90 62.77 49000 -30
47000
S&P BSE Capitalgoods 10.72 53.38 45000 -50

04-Oct-21
08-Oct-21
12-Oct-21
16-Oct-21
20-Oct-21
24-Oct-21
28-Oct-21

21-Nov-21
01-Nov-21
05-Nov-21
09-Nov-21
13-Nov-21
17-Nov-21

25-Nov-21
29-Nov-21
03-Dec-21
07-Dec-21
11-Dec-21
15-Dec-21
19-Dec-21
23-Dec-21
27-Dec-21
31-Dec-21
30-Sep-21
S&P BSE IT 9.95 56.07

S&P BSE Power 8.85 68.84

S&P BSE Teck 8.32 49.68 FII Daily Net Equity Investments
MF Daily Net Equity Investments
S&P BSE Consumerdurables 8.29 47.29 S&P BSE SENSEX
S&P BSE Auto 3.99 19.25 Source - SEBI, BSE
S&P BSE Healthcare 0.43 20.87
Further, inflationary pressure in the US, UK and Europe kept
S&P BSE PSU -3.90 40.82 investors under edge that global central banks may soon
S&P BSE Oil & Gas -4.34 24.26 announce stimulus curbs. Eventually, the Fed, in its
S&P BSE Metal -4.64 65.92 monetary policy meeting, decided to cut the size of its bond-
S&P BSE BANKEX -5.43 12.59 buying programme by $15 billion a month, keeping the rates
S&P BSE Realty -6.40 55.00 unchanged. The meeting minutes also showed that several

S&P BSE FMCG -7.25 9.32 members were in favour of speeding up the tapering of
Sectoral indices sorted on three-month returns quantitative easing and possibly raising interest rates soon,
Source - BSE citing surging inflation.
S&P BSE Sensex, the Indian equity benchmark, climbed 22%
Back home, a faster rise in inflation raised investor concerns
in 2021, registering the best gains since 2017. However, it
that the central bank may be prompted to hike rates sooner
declined about ~1.5% in the quarter ended December 2021,
than expected. India’s retail inflation rose marginally to
mainly due to hefty selling by the foreign institutional
4.48% on-year in October from 4.35% in September. Further,
investors (FIIs). FIIs sold equities worth Rs 359 billion in the
December quarter, as against a buying of Rs 31 billion in the a fall in India’s factory output also dented investor sentiment.

September quarter. The growth in the country’s IIP eased to 3.1% on-year in
September, from a revised 12.0% in August.
Markets were also pressurised by investor worries about the
rising number of Omicron (a Covid-19 variant) cases may hurt Additionally, growth recovery in China, owing to debt
growth recovery in the global and domestic economy. concerns in the real estate sector, also soured investor
sentiment.

3
However, sharp losses were prevented due to upbeat Markets also found support as domestic institutional
macroeconomic data, including strong domestic growth data, investors (DIIs) continued their buying spree in the Indian
the rise in output of eight core sectors, 10-month high market. DIIs bought equities worth Rs 663 billion in the
manufacturing data in November and a robust goods and December quarter, compared with Rs 300 billion in the
services tax (GST) revenue collection in November. More previous quarter.
gains were seen after the Reserve Bank of India (RBI) decided
On the sectoral front, S&P BSE Fast Moving Consumer Goods
to maintain interest rates at 4%, sustain its accommodative
(down 7.3%), S&P BSE Realty (down 6.4%) and S&P BSE
stance and retain its domestic growth forecast at 9.5% for
Bankex (down 5.4%) were the top losers. S&P BSE Capital
fiscal 2022.
Goods (up 10.7%), S&P BSE Information Technology (up
Key schemes announced by the government, including 9.9%) and S&P BSE Power (up 8.8%) were the top gainers.
Pradhan Mantri Garib Kalyan Package (PMGKP) Insurance
Scheme, Gram Ujala Yojana and Pradhan Mantri YUVA
Yojana, also aided the market rally. Investors also cheered
after the Drugs Controller General of India (DCGI) granted
approval for the anti-Covid-19 pill, Molnupiravir, for
emergency use in the country.

4
Debt market overview
Interbank call money rates remained below the RBI’s repo and Integrated Ombudsman Scheme
rate of 4.00% during the quarter, because of ample liquidity ● The RBI increased the investment limit via Unified
in the system. As a result, the central bank regularly Payments Interface in IPOs and RBI Retail Direct Scheme
conducted variable-rate reverse-repo auctions during the for G-secs to Rs 0.5 million, from Rs 0.2 million.
quarter to suck out excess liquidity. ● The central bank permitted foreign portfolio investors
Government securities (G-secs) ended lower with the yield on (FPIs) to invest in debt securities issued by InvITs and
the 10-year benchmark, the 6.10% 2031 paper, settling at real estate investment trusts by FPIs
6.46% on December 31, 2021, compared with 6.22% on ● The banking regulator proposed to return to the normal

Chart 3 – Movement of overnight MIBOR Chart 4 – 10-year benchmark gilt yield

5.00% 6.70%

4.50%
6.30%

4.00%

5.90%
3.50%

3.00% 5.50%

30-Jun-21
31-Mar-21

31-Aug-21

31-Oct-21
31-Dec-20

31-Jan-21

30-Apr-21

31-May-21

30-Nov-21

31-Dec-21
28-Feb-21

30-Sep-21
31-Jul-21
31-Mar-21

31-Aug-21
31-Dec-20

30-Apr-21

31-May-21

30-Nov-21

31-Dec-21
31-Oct-21
31-Jan-21

28-Feb-21

31-Jul-21

30-Sep-21
30-Jun-21

Source – CRISIL Research Source – CRISIL Research

September 30, 2021. Prices were primarily affected by higher dispensation under the marginal standing facility (MSF).
crude oil prices and US benchmark Treasury yields. Gilts also Consequently, banks will be able to dip up to 2% of net
declined after the RBI halted its bond-purchase programme. demand and time liabilities instead of 3% for overnight
A rise in local inflation and the US Fed’s decision to double borrowing under the MSF from January 1, 2022
the quantum of scale-back of its monthly bond purchases
● SEBI allowed FPIs to write off all debt securities that
aided the downside. Sentiments were weighed down further
they were unable to sell
after the RBI unexpectedly conducted variable reverse-repo
auctions to drain out excess liquidity. Supply pressure due to ● SEBI proposed that stock brokers and merchant bankers

weekly debt sales also affected the prices. could be market makers for the corporate bond market,
in an attempt to boost liquidity in the secondary market
However, some losses were trimmed after the RBI’s Monetary for such bonds
Policy Committee kept the key rates unchanged and decided
● SEBI proposed to cap the International Securities
to continue with its accommodative stance. Worries about
Identification Number for corporate bonds, aiming to
the impact of the Omicron variant on the economy augured
boost liquidity in the debt market
well for bonds, as investors shifted to these relatively less-
riskier assets. Additionally, firm demand for dated securities ● The capital market regulator revised formats for filing
in some weekly gilt sales and comfortable liquidity conditions financial information by entities that have listed their
provided positive cues for the market. non-convertible securities on stock exchanges

● It also modified operational guidelines related to the

Key developments in the quarter: listing of commercial papers in order to bring uniformity
● Prime Minister Narendra Modi unveiled two consumer- in requirements
centric initiatives of the RBI – the Retail Direct Scheme

5
Ranking summary
CRISIL ranked 492 mutual fund (MF) schemes as per the Most categories closed the volatile quarter positive with the
CRISIL Mutual Fund Ranking (CMFR) in the December Smallcap fund category generating the highest returns of
quarter. The ranked schemes, accounting for 75.37% of the 5.57% during the three-month period. The small-cap
Indian mutual fund industry’s open-ended quarterly average category gave the highest returns among the ranking
assets under management (AUM), included 227 from the categories across the six-month, one year and three years
equity category, 204 from debt and 61 from the hybrid period.
category. Of these, 153 featured in the top 30 percentile Returns (%)
(ranked 1 or 2) and formed 26.18% of the total ranked AUM in Category
3 months 6 months 1 year 3 years
the December quarter.
Large Cap -0.65 10.59 25.98 17.08
IDFC Mutual Fund, Kotak Mutual Fund and UTI Mutual Fund Large & Mid Cap 1.13 12.27 36.26 19.40
had the highest number of schemes which ranked 1 or 2. IDFC Multi Cap 1.96 15.17 45.06 21.59
Mutual Fund had 13 schemes in the top 30 percentile while Mid Cap 2.06 13.78 44.14 22.55
Kotak Mutual Fund had 12 and UTI Mutual Fund had 11 Small Cap 5.57 18.66 64.96 27.76
schemes. They were followed by Canara Robeco Mutual ELSS 0.80 11.91 32.57 18.45
Fund, Nippon India Mutual Fund and SBI Mutual Fund with 10 Focused 0.60 11.32 29.53 18.50
schemes each in the top 30 percentile during the December Value/Contra 0.67 11.76 36.42 17.45

quarter. Flexi Cap 0.72 11.96 30.65 18.28

Among the equity-oriented categories, UTI MF topped the list Indices 3 months 6 months 1 year 3 years
with seven funds ranked in the top 30 percentile. It was Nifty 50 TRI -1.29 10.92 25.59 18.27
followed by Quant MF with six funds and SBI MF with five Nifty 500 TRI -0.17 11.87 31.60 19.11
funds. In the debt-oriented categories, IDFC MF maintained Nifty Midcap 100 TRI 0.39 13.53 47.51 20.56
its top position with nine schemes in the top 30 percentile, Nifty Smallcap 100
3.78 16.59 60.70 21.72
followed by Kotak MF and Nippon India MF with five schemes TRI
each. Returns as on December 31, 2021; returns over one year are annualised

Volatility mars equity markets in October-December Share of top five sectors remained steady in October-
December
Nifty 50 returned -1.29% during the December quarter, as
The top five sectors accounted for 64.94% of the AUM of
compared with 12.37% in the previous quarter. Nifty Midcap
equity funds in the December quarter, as compared with
100 and Nifty Smallcap 100 rose over 0.39% and 3.78%,
64.51% in the previous quarter.
respectively during the December quarter. Nifty Midcap 100
and Nifty Smallcap 100 had recorded growth of 13.09% and The financial services sector continued to top the list, with a
12.34% respectively during the September quarter. The
share of 28.25% versus 28.34% in the previous quarter. The
markets were volatile during the latest quarter on worries of
sector delivered -1.49% returns during the December
rising interest rates in developed economies and emergence
quarter.
of the Omicron variant of Covid 19.

During October-December, foreign portfolio investors (FPIs) Oct-Dec 2021 Jul-Sep 2021
Sector
were net sellers in the Indian equity market. They sold Expo (%) Returns (%) Expo (%) Returns (%)

equities of over Rs 38,500 crore as compared to over Rs 3,900 Financial services 28.25 -1.49 28.34 3.24

crore worth equities bought in the previous quarter. Domestic IT 12.28 1.35 12.03 2.5

institutional investors (DIIs) continued to remain net buyers Consumer goods* 11.02 0.69 10.83 3.72

and bought over Rs 66,200 crore during October-December. Energy 6.70 0.01 7.07 1.14

In comparison, they were net buyers of over Rs 31,000 crore Automobile 6.68 0.21 6.21 0.05

worth equities in the previous quarter. * Sectoral returns were calculated using stock constituents of the Nifty 200 in
the sector

6
The IT sector had the second highest exposure with a share of Investments in IPOs by mutual funds
12.28%, higher from the previous quarter. The sector gave Market
Absolute Investment
returns of 1.35% in the December quarter. Listing Value [Rs
Stock Returns by number
Date Crore] 31
%^ of schemes
The consumer goods sector came third in terms of allocation. Dec 2021
The allocation to the sector increased to 11.02% in December Aditya Birla Sun
11-Oct-21 -25.37% 12 196
quarter from 10.83% in the previous quarter. It delivered Life AMC Ltd.
returns of 0.69% in the December quarter compared with Anand Rathi
about 3.72% in the previous quarter. Wealth Services 14-Dec-21 7.00% 9 183
Ltd.
The energy sector secured the fourth spot with 6.7% C.E. Info Systems
21-Dec-21 62.27% 10 159
exposure in December quarter as compared with 7.07% in the Ltd.
previous quarter. The sector delivered 0.01% returns during Cms Info Systems
31-Dec-21 10.28% 4 270
the December quarter as compared with 1.14% delivered in Ltd.
the September quarter. Data Patterns
24-Dec-21 29.90% 8 118
India Ltd.
The automobile sector had the fifth highest allocation by
Fino Payments
equity mutual funds and gave 0.21% returns during the 12-Nov-21 -35.72% 7 102
Bank Ltd.
December quarter as compared with 0.05% returns during FSN E-Commerce
10-Nov-21 86.80% 49 1586
the previous quarter. Ventures Ltd.

Latent View
At the stock level, ICICI Bank (5.61% absolute returns in the 23-Nov-21 185.05% 10 87
Analytics Ltd.
December quarter), HDFC Bank (-7.24%), Infosys (12.69%),
Metro Brands Ltd. 22-Dec-21 -8.36% 7 144
Reliance Industries (-6%) and State Bank of India (1.64%)
One 97
were among the top holdings in the large-cap, large- and
Communications 18-Nov-21 -37.93% 9 631
mid-cap, multi-cap, flexi cap, focused and value/ contra Ltd.
funds. Among mid-cap funds, the top holdings were Paras Defence and
Cholamandalam Investment & Finance Co (-7.77%), Max Space 1-Oct-21 324.57% 2 56
Financial Services (-3.35%), Crompton Greaves Consumer Technologies Ltd.
Electricals (-8.66%), Bharat Electronics (3.45%) and Supreme PB Fintech Ltd. 15-Nov-21 -3.03% 27 551
Industries (-4.53%). The top holdings of small-cap funds Rategain Travel
17-Dec-21 -12.39% 8 121
were Carborundum Universal Ltd (10.6%), Persistent Systems Technologies Ltd.
(31.97%), KPR Mills (57.39%), Tube Investments of India Sapphire Foods
18-Nov-21 3.32% 2 64
(25.63%) and Deepak Nitrite (3.48%). India Ltd.

Shriram
20-Dec-21 -27.08% 2 49
Rise in activity in the IPO segment Properties Pvt Ltd.

Nineteen initial public offerings (IPOs) featured in the mutual Star Health and
fund portfolios during the December quarter. As on end of Allied Insurance 10-Dec-21 -12.48% 2 8
Co Ltd.
December 2021, the IPO stocks had total investment of
Supriya
~4,696 crore from mutual funds. Most of the IPOs recorded 28-Dec-21 76.53% 1 129
Lifescience Ltd.
positive returns since listing.
Tarsons Products
26-Nov-21 -2.57% 4 97
Ltd.

Tega Industries
13-Dec-21 30.96% 6 146
Ltd.
Market value as on 31 December 2021
^Issue till 31 Dec 2021

7
G-sec yields rose in December quarter Category average modified
duration
Yield of the 10-year benchmark government security (G-sec)
Medium to long duration Fund 4.0
4.2
increased by 25 bps in the December quarter. The 10-year
Gilt Fund 3.6
benchmark G-sec yield has risen by 67 bps since December 4.2
Dynamic bond Fund 3.4
2020. Increase in inflation due to rise in commodity and 3.7

energy prices and expectations of tightening of monetary Medium duration Fund 2.8
2.9
policy to contain inflation led to rise in yields. Banking and PSU Fund 2.3
2.4
Corporate bond Fund 2.0
2.1
10-year benchmark G-sec yield
Credit risk Fund 1.9
1.8
8.0%
Short duration Fund 1.8
1.8
7.5%
Oct-Dec'21 July-Sep'21

7.0%

6.5%
Returns (%)
Category
6.0% 3 months 6 months 1 year 3 years

Liquid Fund 0.85 1.66 3.25 4.63

5.5%
Dec-18

Dec-19

Dec-20

Dec-21
Mar-19

Mar-20

Mar-21
Jun-19

Sep-19

Jun-20

Sep-20

Jun-21

Sep-21

Ultra Short Duration

0.79 1.96 3.69 5.48
Fund

Low Duration Fund 0.74 2.41 4.16 5.74

Gilt funds which posted 1.94% in September quarter, Money Market Fund 0.84 1.76 3.53 5.86
delivered 0.21% in the December quarter. Similarly, medium Short Duration Fund 0.58 2.53 3.83 6.84
to long duration delivered 0.22% in December quarter in Medium Duration Fund 0.61 3.72 5.54 5.36
comparison with 2.31% in the previous quarter. Dynamic Medium to Long
0.22 2.54 2.93 7.18
bond funds posted 0.43% returns in December quarter as Duration Fund
compared to 2.05% in September quarter. Dynamic Bond Fund 0.43 2.49 3.40 7.23

Credit Risk Fund 0.99 5.70 9.29 5.21

Short term debt categories which are less sensitive to
Corporate Bond Fund 0.62 2.18 3.61 7.85
changes in yields also posted lower returns in December
quarter relative to the previous quarter. Banking and PSU Fund 0.62 2.12 3.43 7.70

Gilt Fund 0.21 2.09 2.38 8.14

Short duration funds posted 0.58% returns during December
Returns as on December 31, 2021; returns above one year are annualised
quarter in comparison with 2.03% in the September quarter.
Debt funds continued to maintain higher credit quality
Corporate bond funds and Banking & PSU funds which
Most debt categories continued to maintain predominant
generally have conservative rating profiles, posted 0.62%
allocation to higher credit quality (sovereign, AAA and A1+)
returns each during the December quarter. Credit Risk funds
during the December quarter. Cash exposure increased
delivered 0.99% returns in December quarter.
across most debt categories during the December quarter.
Liquid and ultra-short duration funds delivered 0.85% and Dynamic bond funds increased cash exposure from 10.37% in
0.79% respectively in December quarter. Low duration funds September quarter to 17.56% in the December quarter.
and money market funds posted 0.74% and 0.84% returns Medium to long duration funds increased allocation to cash
respectively during the same period. from 9.37% in September quarter to 12.76% in December
quarter. Medium duration funds also increased cash
allocation to 10.51% during December quarter from 7.6% in
the previous quarter. Among funds with shorter maturity
profiles, short duration funds raised cash holdings to 12.29%
in December quarter from 9.7% in the previous quarter. Low

8
duration funds also increased cash exposure to 10.31% in December quarter and raised cash exposure to 29.37% in
December quarter from 6.4% in September quarter. December quarter. Rank 1 Short duration funds reduced
allocation AAA & A1+ rated securities from 60.51% in
Rank 1 funds maintained their trend of holding a more
September quarter to 47.69% in December quarter and
conservative credit profile in the December quarter in line
increased cash allocation to 16.39% in December quarter
with the previous quarter. Rank 1 funds also increased cash
from 6.74% in the previous quarter.
exposure during the December quarter by reducing allocation
to bonds amid rising bond yields. Rank 1 Dynamic bond Among shorter term debt categories, Rank 1 funds from low
funds reduced sovereign exposure from 94.78% in September duration category increased cash exposure to 18.41% in
quarter to 68.13% in December quarter and increased cash December quarter from 9.89% during the September quarter.
exposure to 31.73% during the same period. Rank 1 Medium
Rise in inflation, pace of liquidity normalisation by central
duration funds also reduced allocation to AAA and sovereign
banks across the world and RBI’s monetary policy stance to
securities from 94.41% in September quarter to 70.63% in
contain inflation remain key risk factors for bond yields.

Banking and Dynamic Bond Low Duration Medium Medium to Long Short Duration
% Average Credit Risk Fund
PSU Fund Fund Fund Duration Fund Duration Fund Fund
exposure
Dec Qtr Sep Qtr Dec Qtr Sep Qtr Dec Qtr Sep Qtr Dec Qtr Sep Qtr Dec Qtr Sep Qtr Dec Qtr Sep Qtr Dec Qtr Sep Qtr
Sovereign 14.72% 14.62% 10.12% 9.98% 52.87% 57.73% 30.11% 32.19% 29.40% 26.98% 60.37% 57.53% 28.16% 29.60%
AAA & A1+ 74.07% 74.18% 18.96% 16.72% 17.00% 18.23% 50.97% 52.27% 24.25% 26.33% 21.09% 26.59% 51.29% 52.15%
AA Category &
4.70% 5.10% 50.22% 52.84% 11.41% 12.54% 8.60% 9.12% 33.05% 36.42% 5.55% 6.19% 8.21% 8.49%
A1
A+/A2+ &
0.02% 0.02% 10.10% 10.49% 1.17% 1.11% 0.01% 0.02% 2.79% 2.67% 0.23% 0.31% 0.05% 0.05%
below
Cash & others 6.49% 6.08% 10.60% 9.97% 17.56% 10.37% 10.31% 6.40% 10.51% 7.60% 12.76% 9.37% 12.29% 9.70%

9
CRISIL mutual fund categories
Equity funds 13. Arbitrage funds

1. Large Cap funds Debt Funds

2. Large & Mid Cap funds 14. Gilt funds

3. Flexi Cap funds 15. Banking & PSU funds

4. Multi Cap funds 16. Credit Risk funds

5. Mid Cap funds 17. Corporate Bond funds

6. Small Cap funds 18. Dynamic Bond funds

7. Value/Contra funds 19. Medium to Long Duration funds

8. Focused funds 20. Medium Duration funds

9. Equity Linked Savings Schemes (ELSS) 21. Short Duration funds

10. Index funds 22. Money Market funds

Hybrid funds 23. Low Duration funds

24. Ultra Short Duration funds

11. Aggressive Hybrid funds
25. Liquid funds
12. Conservative Hybrid funds

CRISIL Mutual Fund Ranking category definitions

Rankings category Interpretation
CRISIL Fund Rank 1 Very good performance
CRISIL Fund Rank 2 Good performance
CRISIL Fund Rank 3 Average performance
CRISIL Fund Rank 4 Below average performance
CRISIL Fund Rank 5 Relatively weak performance
If the top 10 percentile figure is not an integer, the same is rounded off to the nearest integer. The same approach is adopted for CRISIL Fund Rank 2 (11th to 30th
percentile), CRISIL Fund Rank 5 (last 91st to 100th percentile) and CRISIL Fund Rank 4 (71st to 90th percentile) clusters. The residual schemes in the universe are
placed in the CRISIL Fund Rank 3 cluster.

10
Large Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Large Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

IDBI India Top 100 Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 3 (2) 3 (2) 1 (1) 2 (2)

Union Largecap Fund 1 (2) 2 (2) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 3 (2) 1 (3)

UTI Mastershare Unit Scheme 1 (2) 1 (2) 1 (2) 1 (2) 2 (3) 2 (3) 1 (1) 2 (3) 4 (4)

Canara Robeco Bluechip Equity

2 (1) 2 (1) 2 (2) 2 (1) 1 (1) 1 (1) 2 (3) 2 (2) 3 (3)
Fund

EQUITY FUNDS
Edelweiss Large Cap Fund 2 (3) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3)

ICICI Prudential Bluechip Fund 2 (3) 3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (3) 4 (4) 4 (4)

IDFC Large Cap 2 (4) 2 (4) 2 (3) 2 (3) 3 (2) 3 (2) 4 (3) 4 (3) 3 (3)

Invesco India Largecap Fund 2 (2) 1 (2) 1 (2) 1 (2) 3 (3) 3 (3) 3 (4) 5 (5) 3 (3)

Kotak Bluechip Fund 2 (1) 2 (1) 2 (1) 2 (1) 2 (3) 2 (3) 2 (2) 2 (2) 3 (3)

Aditya Birla Sun Life Frontline

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)
Equity Fund

Axis Bluechip Fund 3 (3) 3 (4) 3 (3) 3 (3) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5)

Baroda Large Cap Fund 3 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (1) 2 (3) 2 (2)

BNP Paribas Large Cap Fund 3 (4) 3 (4) 4 (3) 4 (3) 1 (1) 1 (1) 4 (5) 3 (3) 2 (3)

Franklin India Bluechip Fund 3 (2) 3 (3) 2 (1) 3 (2) 5 (5) 5 (5) 3 (3) 4 (4) 4 (3)

LIC MF Large Cap Fund 3 (3) 2 (3) 3 (4) 3 (4) 2 (2) 2 (2) 4 (4) 3 (3) 3 (2)

Mirae Asset Large Cap Fund 3 (3) 3 (3) 3 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 4 (5)

Navi Large Cap Equity Fund 3 (3) 3 (2) 3 (3) 2 (3) 4 (4) 4 (4) 3 (3) 4 (3) 2 (1)

SBI Blue Chip Fund 3 (2) 3 (3) 3 (2) 3 (3) 4 (4) 4 (4) 1 (2) 1 (2) 5 (5)

Tata Large Cap Fund 3 (3) 3 (3) 3 (3) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3)

HSBC Large Cap Equity Fund 4 (4) 4 (4) 3 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (5) 2 (2)

L&T India Large Cap Fund 4 (3) 4 (3) 4 (3) 4 (4) 3 (3) 3 (3) 3 (2) 3 (3) 3 (2)

Nippon India Large Cap Fund 4 (3) 4 (3) 3 (3) 3 (3) 5 (5) 5 (5) 2 (3) 3 (3) 5 (4)

PGIM India Large Cap Fund 4 (4) 4 (3) 4 (4) 4 (3) 3 (3) 3 (3) 2 (4) 3 (4) 2 (3)

Sundaram Large Cap Fund 4 3 4 3 2 2 4 3 3

Taurus Largecap Equity Fund 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 3 (3) 2 (1) 1 (1)

DSP Top 100 Equity Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (4) 4 (4) 5 (3) 4 (4) 3 (3)

HDFC Top 100 Fund 5 (5) 5 (5) 4 (4) 4 (4) 5 (5) 5 (5) 4 (4) 3 (3) 4 (4)

Indiabulls Bluechip Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (3) 5 (5) 5 (4) 1 (1)

Figures in brackets indicate previous quarter ranks

11
Large & Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean

Volatility Volatility Industry Company
Large & Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Canara Robeco Emerging Equities 1 (3) 1 (3) 1 (2) 1 (2) 3 (3) 3 (3) 3 (3) 2 (2) 4 (4)

Quant Large and Mid Cap Fund 1 (3) 1 (2) 2 (3) 2 (3) 4 (3) 4 (3) 2 (3) 5 (5) 1 (1)

BOI AXA Large & Mid Cap Equity Fund 2 (3) 3 (3) 3 (4) 3 (4) 2 (2) 2 (2) 4 (4) 3 (3) 1 (2)

Edelweiss Large and Mid Cap Fund 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 2 (2)

Mirae Asset Emerging Bluechip Fund 2 (1) 2 (1) 1 (1) 1 (1) 3 (4) 3 (4) 5 (5) 3 (3) 5 (5)

Sundaram Large and Mid Cap Fund 2 2 2 2 3 3 3 1 3

Aditya Birla Sun Life Equity Advantage Fund 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4)

Franklin India Equity Advantage Fund 3 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 3 (4) 4 (5) 3 (3)

HDFC Large and Mid Cap Fund 3 (2) 3 (3) 3 (2) 3 (2) 5 (5) 5 (5) 1 (1) 2 (3) 3 (3)

ICICI Prudential Large & Mid Cap Fund 3 (3) 3 (3) 3 (2) 3 (1) 4 (4) 4 (4) 4 (3) 4 (4) 3 (3)

L&T Large and Midcap Fund 3 (5) 3 (5) 4 (5) 4 (5) 2 (1) 2 (1) 2 (3) 2 (3) 3 (3)

LIC MF Large & Mid Cap Fund 3 (3) 3 (3) 3 (4) 3 (3) 1 (1) 1 (1) 3 (2) 2 (3) 3 (2)

Navi Large & Midcap Fund 3 (2) 2 (1) 3 (3) 2 (3) 3 (3) 3 (3) 4 (4) 3 (2) 2 (1)

SBI Large & Midcap Fund 3 (3) 3 (3) 2 (3) 3 (3) 2 (2) 2 (2) 1 (1) 3 (2) 5 (5)

UTI Core Equity Fund 3 (1) 3 (2) 3 (1) 3 (2) 3 (3) 3 (3) 3 (3) 3 (2) 2 (2)

IDFC Core Equity Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3)

Invesco India Growth Opportunities Fund 4 (5) 4 (5) 5 (5) 4 (5) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)

Kotak Equity Opportunities Fund 4 (3) 3 (3) 4 (3) 4 (3) 1 (2) 1 (2) 2 (2) 3 (3) 4 (4)

Nippon India Vision Fund 4 (4) 4 (4) 3 (3) 3 (4) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3)

DSP Equity Opportunities Fund 5 (3) 5 (3) 4 (3) 5 (3) 3 (3) 3 (3) 5 (5) 3 (3) 3 (3)

Tata Large & Mid Cap Fund 5 (4) 5 (4) 5 (4) 5 (4) 2 (2) 2 (2) 3 (2) 5 (4) 4 (4)

Figures in brackets indicate previous quarter ranks

12
Flexi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Flexi Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

PGIM India Flexi Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3)

UTI Flexi Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (3) 2 (3) 3 (3) 1 (2) 5 (5)

Canara Robeco Flexi Cap

2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (1) 3 (3)
Fund

Edelweiss Flexi Cap Fund 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3)

HSBC Flexi Cap Fund 2 (3) 2 (3) 2 (3) 2 (3) 5 (5) 5 (5) 3 (3) 4 (4) 1 (3)

IDBI Flexi Cap Fund 2 (2) 2 (2) 2 (3) 2 (2) 1 (2) 1 (2) 2 (2) 2 (2) 2 (2)

Union Flexi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2)

Aditya Birla Sun Life Flexi

3 (3) 3 (3) 3 (2) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 4 (3)
Cap Fund

Axis Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 5 (5) 3 (3)

DSP Flexi Cap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 5 (4) 2 (2) 4 (3)

Franklin India Flexi Cap

3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 4 (4) 3 (4)
Fund

IDFC Flexi Cap Fund 3 (4) 3 (4) 3 (4) 3 (4) 2 (2) 2 (2) 3 (3) 3 (3) 3 (4)

JM Flexi Cap Fund 3 (2) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2)

Navi Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (2) 2 (1)

SBI Flexi Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 4 (4)

Tata Flexi Cap Fund 3 (3) 3 (3) 4 (3) 4 (3) 2 (2) 2 (2) 4 (3) 3 (3) 3 (3)

HDFC Flexi Cap Fund 4 (4) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 4 (4) 4 (4)

Kotak Flexi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (2) 4 (4) 4 (4)

L&T Flexi Cap Fund 4 (3) 4 (3) 4 (4) 4 (4) 3 (2) 3 (2) 2 (2) 2 (3) 3 (3)

LIC MF Flexi Cap Fund 4 (5) 4 (4) 4 (5) 4 (5) 1 (1) 1 (1) 4 (4) 3 (3) 3 (2)

Shriram Flexi Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (1) 2 (1) 3 (5) 4 (4) 1 (1)

Motilal Oswal Flexi Cap

5 (5) 5 (5) 5 (5) 5 (4) 4 (4) 4 (4) 5 (5) 5 (5) 5 (5)
Fund

Taurus Flexi Cap Fund 5 (4) 5 (5) 5 (4) 5 (5) 3 (3) 3 (3) 4 (4) 3 (3) 2 (2)

13
Multi Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Multi Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Quant Active Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (2) 5 (5) 3 (3)

Baroda Multi Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (1) 4 (4) 2 (2)

Mahindra Manulife Multi

2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 4 (3) 2 (2) 2 (2) 1 (1)
Cap Badhat Yojana

Invesco India Multicap

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (3) 3 (3) 4 (3)
Fund

Sundaram Multi Cap Fund 3 3 3 3 2 2 3 1 2

BNP Paribas Multi Cap

4 (3) 4 (3) 4 (4) 4 (4) 1 (1) 1 (1) 4 (4) 4 (4) 3 (2)
Fund

Nippon India Multicap

4 (4) 4 (4) 4 (3) 4 (3) 5 (5) 5 (5) 2 (3) 3 (3) 5 (5)
Fund

ICICI Prudential Multicap

5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 3 (4) 5 (5) 2 (2) 4 (4)
Fund

14
Mid Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Mid Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

Baroda Mid-cap Fund 1 (1) 1 (2) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 4 (4) 1 (2)

PGIM India Midcap

1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 3 (3) 3 (4) 3 (3)
Opportunities Fund

Edelweiss Mid Cap Fund 2 (3) 2 (2) 2 (2) 2 (2) 4 (5) 4 (5) 2 (3) 3 (2) 3 (2)

Kotak Emerging Equity 2 (2) 2 (2) 3 (2) 3 (2) 2 (2) 2 (2) 3 (2) 3 (2) 5 (5)

Quant Mid Cap Fund 2 (2) 2 (1) 1 (1) 1 (1) 5 (4) 5 (4) 5 (3) 5 (5) 2 (2)

SBI Magnum Midcap Fund 2 (2) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4)

UTI Mid Cap Fund 2 (2) 2 (3) 2 (3) 2 (3) 3 (3) 3 (3) 2 (2) 2 (1) 3 (3)

Aditya Birla Sun Life

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3) 3 (3)
Midcap Fund

Axis Midcap Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 3 (3) 4 (4)

BNP Paribas Mid Cap Fund 3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 3 (3) 2 (3)

ICICI Prudential MidCap

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 2 (3) 3 (3)
Fund

Invesco India Mid Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 3 (3)

Mahindra Manulife Mid

3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 2 (2) 2 (2)
Cap Unnati Yojana

Motilal Oswal Midcap 30

3 (5) 3 (5) 2 (4) 2 (3) 5 (5) 5 (5) 4 (5) 5 (5) 3 (3)
Fund

Nippon India Growth Fund 3 (2) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 3 (4) 1 (1) 4 (3)

Tata Mid Cap Growth Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 2 (2) 2 (3) 2 (2)

DSP Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 4 (4) 4 (3) 4 (4)

HDFC Mid-Cap
4 (4) 4 (4) 4 (3) 4 (4) 3 (3) 3 (3) 4 (5) 3 (3) 5 (5)
Opportunities Fund

IDBI Midcap Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 2 (1)

Sundaram Mid Cap Fund 4 5 4 4 4 4 3 1 3

Taurus Discovery (Midcap)

4 (3) 4 (3) 4 (4) 4 (4) 3 (2) 3 (2) 5 (4) 2 (2) 1 (1)
Fund

Franklin India Prima Fund 5 (4) 5 (4) 5 (4) 5 (4) 2 (3) 2 (3) 4 (4) 4 (4) 3 (4)

L&T Midcap Fund 5 (4) 4 (4) 5 (5) 5 (5) 1 (1) 1 (1) 3 (2) 3 (4) 4 (4)

Figures in brackets indicate previous quarter ranks

15
Small Cap funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Small Cap funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

BOI AXA Small Cap Fund 1 1 1 1 3 3 4 2 1

Quant Small Cap Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 2 (1) 5 (5) 2 (2)

DSP Small Cap Fund 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (3) 5 (4)

Kotak Small Cap Fund 2 (1) 2 (1) 2 (1) 2 (1) 2 (2) 2 (2) 4 (4) 3 (3) 4 (4)

Nippon India Small Cap Fund 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 4 (4)

Union Small Cap Fund 2 (2) 2 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (2) 2 (2) 2 (2)

Axis Small Cap Fund 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (4) 3 (3)

HSBC Small Cap Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 5 (5) 2 (1)

ICICI Prudential Smallcap Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 3 (3) 3 (3)

L&T Emerging Businesses Fund 3 (3) 3 (3) 2 (3) 2 (3) 4 (3) 4 (3) 4 (4) 3 (2) 3 (3)

Sundaram Small Cap Fund 3 3 3 3 3 3 3 1 3

Tata Small Cap Fund 3 2 2 2 2 2 3 4 4

HDFC Small Cap Fund 4 (4) 4 (4) 4 (4) 4 (3) 3 (3) 3 (3) 2 (3) 4 (4) 4 (5)

IDBI Small Cap Fund 4 (3) 4 (3) 4 (4) 4 (4) 2 (2) 2 (2) 5 (5) 4 (3) 1 (1)

Invesco India Smallcap Fund 4 4 4 4 4 4 4 4 2

SBI Small Cap Fund 4 (4) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 5 (5) 3 (4) 5 (5)

Aditya Birla Sun Life Small Cap Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (3) 2 (1) 3 (2)

Franklin India Smaller Companies Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 3 (2) 3 (3) 3 (3)

Figures in brackets indicate previous quarter ranks

16
Value / Contra funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean

Volatility Volatility Industry Company
Value / Contra funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

IDFC Sterling Value Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (1) 4 (5)

SBI Contra Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (2) 3 (2) 1 (1) 1 (1) 5 (5)

ICICI Prudential Value

2 (2) 2 (2) 3 (2) 3 (2) 1 (2) 1 (2) 2 (2) 4 (5) 5 (4)
Discovery Fund

L&T India Value Fund 2 (3) 2 (3) 2 (3) 2 (3) 4 (4) 4 (4) 2 (2) 3 (3) 3 (4)

Nippon India Value Fund 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)

HDFC Capital Builder Value

3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 3 (4) 4 (5) 3 (3) 3 (3)
Fund

IDBI Long Term Value Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (1) 2 (1) 3 (3) 2 (2) 2 (1)

Indiabulls Value Fund 3 (4) 3 (3) 5 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (3) 1 (1)

JM Value Fund 3 (3) 3 (3) 3 (3) 3 (3) 5 (5) 5 (5) 3 (3) 4 (3) 2 (2)

Templeton India Value

3 (2) 3 (2) 2 (2) 2 (2) 5 (5) 5 (5) 3 (3) 5 (4) 3 (2)
Fund

Union Value Discovery

3 3 3 3 3 3 2 3 1
Fund

UTI Value Opportunities

3 (3) 3 (4) 3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 3 (4) 3 (3)
Fund

Aditya Birla Sun Life Pure

4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 4 (3) 3 (2) 2 (2) 4 (4)
Value Fund

Invesco India Contra Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 4 (3)

Kotak India EQ Contra

4 (3) 4 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)
Fund

Quantum Long Term Equity

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (4) 5 (5) 2 (2)
Value Fund

Tata Equity PE Fund 5 (5) 5 (5) 4 (4) 5 (4) 2 (2) 2 (2) 5 (5) 4 (4) 3 (3)

Figures in brackets indicate previous quarter ranks

17
Focused funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Industry Company
Focused funds Rank Rank Return Return Liquidity
- Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir

Weightages 55% 25% 10% 5% 5%

IIFL Focused Equity Fund 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 2 (2) 3 (4)

SBI Focused Equity Fund 1 (2) 1 (2) 1 (2) 1 (2) 1 (1) 1 (1) 1 (1) 2 (2) 5 (5)

ICICI Prudential Focused

2 (3) 2 (3) 2 (3) 2 (3) 2 (1) 2 (1) 3 (3) 1 (1) 3 (3)
Equity Fund

Quant Focused Fund 2 (1) 2 (1) 3 (2) 2 (2) 4 (3) 4 (3) 2 (2) 5 (4) 1 (1)

Sundaram Focused Fund 2 (2) 2 (3) 2 (3) 2 (3) 3 (2) 3 (3) 2 (2) 2 (1) 4 (2)

Aditya Birla Sun Life

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 5 (4) 3 (3) 3 (3)
Focused Equity Fund

Axis Focused 25 Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (3) 4 (4) 4 (5)

Franklin India Focused

3 (3) 3 (3) 2 (2) 3 (2) 5 (5) 5 (5) 3 (3) 3 (3) 4 (3)
Equity Fund

HDFC Focused 30 Fund 3 (4) 3 (4) 3 (4) 3 (4) 4 (4) 4 (4) 2 (1) 3 (2) 2 (3)

IDBI Focused 30 Equity

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
Fund

L&T Focused Equity Fund 3 3 4 4 1 1 1 1 3

Nippon India Focused

3 (2) 3 (2) 3 (1) 3 (1) 4 (4) 4 (4) 3 (2) 3 (3) 5 (4)
Equity Fund

BNP Paribas Focused 25

4 (3) 4 (3) 4 (3) 4 (3) 2 (2) 2 (2) 4 (5) 3 (3) 2 (3)
Equity Fund

DSP Focus Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (4) 3 (4) 4 (3) 4 (4) 3 (3)

IDFC Focused Equity Fund 4 (5) 4 (5) 3 (5) 3 (5) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3)

JM Core 11 Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 3 (4) 5 (5) 1 (1)

Motilal Oswal Focused 25

5 (4) 5 (4) 5 (4) 5 (4) 2 (2) 2 (2) 5 (5) 4 (5) 3 (4)
Fund

Figures in brackets indicate previous quarter ranks

18
Equity Linked Savings Scheme (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Dec - 21 Dec - 21 Mean Mean

Equity Linked Savings Scheme Volatility Volatility Industry Company
Rank Rank Return Return Liquidity
(ELSS) - Reg - Dir Concentration Concentration
- Reg - Dir - Reg - Dir
Weightages 55% 25% 10% 5% 5%
BOI AXA Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 2 (2) 2 (2) 1 (1) 2 (3)
IDFC Tax Advantage Fund 1 (1) 1 (1) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 2 (2) 3 (4)
Quant Tax Plan 1 (1) 1 (1) 1 (1) 1 (1) 5 (4) 5 (4) 1 (1) 5 (4) 3 (3)
Baroda ELSS - 96 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 2 (2) 2 (3) 3 (3)
Canara Robeco Equity Tax Saver 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3)
Mahindra Manulife ELSS Kar
2 (2) 2 (1) 3 (2) 2 (2) 2 (3) 2 (3) 2 (3) 3 (4) 2 (2)
Bachat Yojana
Mirae Asset Tax Saver Fund 2 (2) 2 (2) 2 (1) 2 (1) 4 (4) 4 (4) 4 (5) 3 (3) 4 (5)
PGIM India ELSS Tax Saver Fund 2 (2) 2 (2) 2 (3) 2 (3) 3 (2) 3 (2) 3 (3) 4 (4) 3 (3)
Union Long Term Equity Fund 2 (1) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (2) 2 (1) 2 (2)
UTI Long Term Equity Fund (Tax
2 (3) 2 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 3 (3)
Saving)
Axis Long Term Equity Fund 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 5 (5) 5 (5)
DSP Tax Saver Fund 3 (2) 3 (2) 3 (2) 3 (2) 3 (3) 3 (3) 5 (5) 3 (3) 4 (4)
Edelweiss Long Term Equity Fund
3 (3) 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2)
(Tax Savings)
Franklin India Taxshield Fund 3 (4) 3 (4) 3 (3) 3 (3) 4 (5) 4 (5) 3 (4) 3 (4) 3 (3)
HDFC Tax Saver Fund 3 (5) 4 (5) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 4 (3) 4 (4)
HSBC Tax Saver Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 4 (5) 1 (2)
ICICI Prudential Long Term Equity
3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 4 (4)
Fund (Tax Saving)
Invesco India Tax Plan 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)
JM Tax Gain Fund 3 (2) 3 (3) 2 (2) 3 (2) 4 (5) 4 (5) 3 (5) 3 (2) 2 (2)
Kotak Tax Saver Scheme 3 (3) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 2 (1) 2 (3) 3 (3)
L&T Tax Advantage Fund 3 (3) 3 (3) 4 (4) 4 (4) 2 (2) 2 (2) 2 (2) 1 (1) 3 (3)
LIC MF Tax Plan 3 (4) 3 (3) 4 (4) 4 (4) 2 (1) 2 (1) 4 (4) 4 (3) 3 (2)
SBI Long Term Equity Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 1 (1) 1 (1) 4 (4)
Sundaram Tax Saving Fund 3 3 3 3 3 3 5 2 4
BNP Paribas Long Term Equity
4 (4) 3 (4) 4 (4) 4 (4) 2 (2) 2 (2) 4 (5) 3 (4) 3 (3)
Fund
IDBI Equity Advantage Fund 4 (4) 4 (4) 4 (5) 4 (5) 1 (1) 1 (1) 3 (2) 3 (3) 2 (2)
Indiabulls Tax Savings Fund 4 (4) 3 (3) 5 (5) 4 (5) 1 (1) 1 (1) 3 (3) 3 (2) 1 (1)
Motilal Oswal Long Term Equity
4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (4) 4 (5) 4 (4)
Fund
Navi Long Term Advantage Fund 4 (3) 4 (3) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1)
Quantum Tax Saving Fund 4 (3) 4 (3) 4 (4) 5 (4) 3 (3) 3 (3) 3 (3) 4 (3) 1 (1)
Tata India Tax Savings Fund 4 (5) 4 (4) 3 (3) 3 (3) 5 (5) 5 (5) 4 (4) 3 (4) 3 (3)
Aditya Birla Sun Life Tax Relief 96 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 2 (2) 5 (5) 5 (5)
Nippon India Tax Saver Fund 5 (5) 5 (5) 4 (3) 4 (3) 5 (5) 5 (5) 4 (3) 3 (3) 5 (5)
Taurus Taxshield 5 (3) 5 (4) 5 (5) 5 (5) 2 (2) 2 (2) 5 (3) 3 (2) 2 (1)

Figures in brackets indicate previous quarter ranks

19
Index funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Rank Dec - 21 Rank
Index funds
- Reg - Dir
Weightages
HDFC Sensex ETF 1 (1) 1 (1)
Kotak Sensex ETF Fund 1 (1) 1 (1)
SBI - ETF SENSEX 1 (1) 1 (1)
UTI SENSEX Exchange Traded Fund 1 (1) 1 (1)
HDFC NIFTY 50 ETF 2 (2) 2 (3)
ICICI Prudential Sensex ETF 2 (2) 2 (2)
LIC MF ETF - Sensex 2 (2) 2 (2)
Nippon India ETF Nifty BeES 2 (2) 2 (2)
Nippon India ETF Sensex 2 (2) 2 (2)
SBI - ETF Nifty 50 2 (2) 2 (2)
UTI NIFTY Exchange Traded Fund 2 (2) 2 (2)
UTI Nifty Index Fund 2 (3) 2 (2)
Aditya Birla Sun Life Nifty ETF 3 (3) 3 (3)
Aditya Birla Sun Life SENSEX ETF 3 3
Axis Nifty ETF 3 (3) 3 (3)
HDFC Index Fund - Nifty 50 Plan 3 (3) 3 (3)
HDFC Index Fund - Sensex Plan 3 (3) 3 (3)
ICICI Prudential Nifty ETF 3 (3) 3 (3)
ICICI Prudential Nifty Index Fund 3 (3) 4 (3)
Kotak Nifty ETF Fund 3 (3) 3 (3)
LIC MF ETF - Nifty 50 3 (3) 3 (3)
LIC MF Index Fund - Nifty Plan 3 (3) 3 (3)
Mirae Asset ETF - Nifty 50 (MAN50ETF) 3 3
Motilal Oswal M50 ETF (MOSt Shares M50) 3 (3) 3 (3)
Quantum Nifty ETF 3 3
SBI Nifty Index Fund 3 (3) 3 (3)
Franklin India Index Fund - NSE Nifty Plan 4 (4) 4 (4)
ICICI Prudential Sensex Index Fund 4 (4) 4 (4)
IDBI Nifty Index Fund 4 (3) 4 (4)
IDFC Nifty ETF 4 (4) 4 (4)
IDFC Nifty Fund 4 (4) 4 (4)
LIC MF Index Fund - Sensex Plan 4 (4) 3 (3)
Nippon India Index Fund - Nifty Plan 4 (4) 4 (4)
Nippon India Index Fund - Sensex Plan 4 (4) 4 (4)
Aditya Birla Sun Life Nifty 50 Index Fund 5 (5) 5 (5)
Invesco India Nifty Exchange Traded Fund 5 (5) 5 (5)
Tata Index Fund - NIFTY 5 (5) 5 (5)
Tata Index Fund - SENSEX 5 (5) 5 (5)

ETFs, which have only single option, have been ranked in both regular & direct categories

Figures in brackets indicate previous quarter ranks

20
Aggressive Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Industry
Dec - Dec -
Mean Mean Concentration Debt
21 21 Volatility Volatility Company Debt Equity
Aggressive Hybrid funds Return Return / Exposure to Asset
Rank Rank - Reg - Dir Concentration Liquidity Liquidity
- Reg - Dir Sensitive Quality
- Reg - Dir
Sector*

5%* 5%*
Weightages 50% 25% 10% 5% 10%*K
(100-K) (100-K)

BOI AXA Mid & Small Cap Equity &

1 (1) 1 (1) 1 (1) 1 (1) 4 (3) 4 (4) 2 (2) 3 (3) 2 (3) 2 (3) 3 (3)
Debt

PGIM India Hybrid Equity 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 4 (3) 1 (1) 3 (3) 2 (2) 1 (2) 2 (2)

Quant Absolute 1 1 1 1 5 5 3 5 1 1 1

Baroda Hybrid Equity 2 (3) 2 (3) 2 (2) 2 (2) 4 (4) 4 (4) 3 (2) 3 (4) 4 (4) 4 (3) 2 (2)

Canara Robeco Equity Hybrid 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 2 (3) 1 (2) 2 (2) 2 (2) 4 (3)

HSBC Equity Hybrid 2 2 4 3 3 3 2 3 3 2 1

IDBI Hybrid Equity 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 1 (1) 2 (2) 2 (1) 4 (3) 3 (3) 1 (1)

IDFC Hybrid Equity 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (3) 3 (3) 3 (4) 2 (1) 2 (1) 3 (3)

Kotak Equity Hybrid 2 (1) 2 (1) 2 (1) 2 (1) 3 (3) 3 (3) 2 (2) 3 (2) 1 (2) 2 (2) 3 (3)

Axis Equity Hybrid 3 (4) 3 (3) 2 (3) 2 (3) 3 (2) 3 (2) 4 (4) 4 (3) 4 (4) 4 (4) 3 (3)

BNP Paribas Substantial Equity Hybrid 3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (3) 4 (4) 3 (3) 3 (2) 3 (2) 2 (3)

DSP Equity & Bond 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 4 (4)

ICICI Prudential Equity & Debt 3 (2) 3 (2) 1 (1) 1 (1) 5 (5) 5 (5) 3 (1) 4 (5) 4 (4) 5 (5) 5 (4)

HYBRID FUNDS
Invesco India Equity & Bond 3 (3) 3 (2) 4 (4) 4 (4) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 3 (3) 2 (2)

L&T Hybrid Equity 3 (3) 3 (3) 3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 2 (3) 2 (1) 3 (1) 4 (3)

Mirae Asset Hybrid - Equity 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 2 (2) 3 (3) 3 (3) 4 (5)

SBI Equity Hybrid 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 1 (3) 3 (1) 3 (3) 4 (4) 5 (5)

Sundaram Aggressive Hybrid 3 3 3 3 2 2 3 1 3 3 3

UTI Hybrid Equity 3 (2) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 2 (3) 5 (5) 3 (4) 3 (3)

Aditya Birla SL Equity Hybrid 95 4 (4) 4 (4) 3 (3) 4 (3) 3 (3) 3 (3) 4 (5) 4 (3) 5 (5) 4 (3) 4 (4)

Franklin India Equity Hybrid 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 2 (3) 5 (4) 2 (3) 3 (3) 3 (3) 3 (4)

HDFC Hybrid Equity* 4 (3) 4 (4) 3 (3) 3 (3) 4 (5) 4 (5) 3 (3) 3 (3) 3 (3) 4 (4) 5 (5)

LIC MF Equity Hybrid 4 (4) 4 (4) 5 (5) 5 (5) 2 (2) 2 (2) 4 (4) 4 (4) 1 (1) 1 (1) 3 (2)

Shriram Hybrid Equity 4 (3) 4 (3) 5 (5) 5 (5) 1 (1) 1 (1) 4 (3) 4 (4) 3 (3) 3 (3) 3 (1)

Tata Hybrid Equity 4 (5) 5 (5) 4 (3) 4 (3) 3 (4) 3 (4) 5 (4) 5 (5) 4 (4) 5 (5) 4 (3)

Motilal Oswal Equity Hybrid 5 (5) 4 (5) 5 (4) 4 (4) 2 (3) 2 (3) 4 (3) 5 (5) 3 (3) 3 (3) 2 (4)

Navi Equity Hybrid 5 (4) 5 (4) 4 (5) 4 (4) 3 (4) 3 (4) 5 (5) 3 (3) 4 (3) 4 (4) 2 (1)

Nippon India Equity Hybrid 5 (5) 5 (5) 4 (4) 5 (5) 5 (5) 5 (5) 3 (5) 4 (4) 5 (5) 5 (5) 3 (2)

K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
Figures in brackets indicate previous quarter ranks

21
Conservative Hybrid funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Industry
Dec - 21 Dec - 21 Mean Mean Concentration Debt
Volatility Volatility Company Debt Equity Modified
Conservative Hybrid funds Rank Rank Return Return / Exposure to Asset
- Reg - Dir Concentration Liquidity Liquidity Duration
- Reg - Dir - Reg - Dir Sensitive Quality
Sector*

7.5%*
Weightages 50% 10% 5% 5% 17.5% 7.5%*K 5%
(100-K)

Canara Robeco Conservative

1 (1) 1 (1) 3 (3) 2 (2) 2 (2) 2 (2) 3 (3) 1 (2) 2 (2) 2 (2) 3 (3) 1 (2)
Hybrid Fund

Kotak Debt Hybrid 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 3 (3) 4 (4) 2 (2) 2 (3) 5 (5) 4 (5)

HSBC Regular Savings Plan 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 2 (3) 3 (3) 1 (1) 1 (1) 1 (1) 5 (5)

LIC MF Debt Hybrid Fund 2 (2) 2 (2) 3 (4) 4 (4) 1 (1) 1 (1) 4 (4) 4 (4) 1 (1) 1 (1) 3 (2) 1 (1)

SBI Conservative Hybrid

2 (2) 2 (3) 1 (2) 1 (2) 4 (3) 4 (3) 2 (3) 3 (2) 3 (3) 4 (4) 5 (5) 3 (3)
Fund

Axis Regular Saver Fund 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 3 (3)

Franklin India Debt Hybrid

3 (3) 4 (2) 4 (3) 4 (4) 3 (3) 3 (3) 2 (2) 3 (3) 3 (2) 3 (2) 3 (2) 2 (4)
Fund

HDFC Hybrid Debt Fund 3 (3) 3 (4) 2 (2) 2 (3) 5 (5) 5 (5) 4 (5) 2 (3) 4 (4) 4 (4) 4 (4) 4 (4)

IDFC Regular Savings Fund 3 (3) 3 (3) 5 (4) 5 (4) 3 (4) 3 (4) 1 (1) 4 (1) 2 (3) 2 (2) 2 (1) 3 (3)

UTI Regular Savings Fund 3 (3) 3 (3) 2 (1) 2 (1) 4 (4) 4 (4) 4 (3) 2 (3) 4 (4) 3 (4) 2 (3) 5 (4)

Aditya Birla Sun Life Regular

4 (3) 4 (3) 2 (2) 3 (2) 4 (4) 4 (4) 5 (5) 5 (3) 5 (5) 4 (3) 3 (3) 3 (3)
Savings Fund

DSP Regular Savings Fund 4 (3) 3 (3) 4 (3) 3 (3) 2 (2) 2 (2) 3 (1) 2 (2) 3 (3) 3 (3) 3 (3) 2 (2)

ICICI Prudential Regular

4 (4) 4 (4) 3 (3) 3 (3) 1 (1) 1 (1) 5 (4) 5 (5) 4 (4) 5 (5) 4 (3) 3 (3)
Savings Fund

BNP Paribas Conservative

5 (5) 5 (4) 4 (4) 4 (3) 2 (2) 2 (2) 3 (4) 3 (5) 3 (3) 3 (3) 2 (3) 4 (2)
Hybrid Fund

Nippon India Hybrid Bond

5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 1 (2) 1 (1) 5 (5) 5 (5) 1 (2) 2 (2)
Fund

K = Equity Component in Hybrid Funds

* Industry concentration for equity and Exposure to Sensitive Sector for debt portion of the portfolio
Figures in brackets indicate previous quarter ranks

22
Arbitrage funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean Count of Count of
Volatility Volatility
Arbitrage funds Rank Rank Return Return Negative Returns Negative Returns
- Reg - Dir
- Reg - Dir - Reg - Dir - Reg - Dir

Weightages 60% 25% 15%

Kotak Equity Arbitrage Fund 1 (1) 2 (1) 1 (1) 2 (2) 1 (2) 1 (2) 3 (2) 3 (2)

SBI Arbitrage Opportunities Fund 1 (3) 2 (4) 1 (3) 1 (5) 5 (3) 5 (3) 4 (3) 4 (4)

Edelweiss Arbitrage Fund 2 (3) 1 (2) 2 (3) 1 (2) 3 (3) 3 (3) 3 (3) 2 (3)

ICICI Prudential Equity - Arbitrage Fund 2 (3) 3 (3) 2 (2) 2 (3) 3 (4) 3 (4) 3 (3) 4 (4)

Nippon India Arbitrage Fund 2 (3) 1 (2) 2 (3) 2 (2) 2 (2) 2 (2) 5 (4) 3 (3)

Union Arbitrage Fund 2 (2) 3 (4) 2 (2) 3 (4) 2 (3) 3 (3) 4 (3) 5 (4)

Aditya Birla Sun Life Arbitrage Fund 3 (2) 2 (2) 3 (2) 3 (2) 2 (3) 2 (3) 4 (3) 4 (3)

BNP Paribas Arbitrage Fund 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 2 (2)

L&T Arbitrage Opportunities Fund 3 (2) 3 (2) 4 (3) 4 (3) 3 (2) 2 (2) 2 (1) 1 (1)

PGIM India Arbitrage Fund 3 (4) 3 (4) 3 (5) 3 (4) 4 (4) 4 (4) 3 (3) 3 (3)

Tata Arbitrage Fund 3 (1) 2 (1) 3 (2) 2 (1) 1 (2) 1 (2) 2 (1) 2 (1)

UTI Arbitrage Fund 3 (3) 4 (3) 3 (1) 3 (1) 4 (5) 4 (5) 4 (3) 4 (4)

DSP Arbitrage Fund 4 (4) 4 (4) 5 (4) 5 (4) 4 (4) 4 (4) 1 (2) 1 (2)

HDFC Arbitrage Fund 4 (3) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 2 (3) 3 (3)

IDFC Arbitrage Fund 4 (4) 3 (3) 3 (4) 3 (3) 2 (3) 2 (3) 3 (3) 3 (3)

Mirae Asset Arbitrage Fund 4 (4) 4 (3) 4 (3) 4 (3) 3 (4) 3 (4) 2 (2) 2 (2)

Invesco India Arbitrage Fund 5 (3) 5 (3) 4 (4) 4 (4) 4 (1) 4 (1) 3 (3) 3 (2)

Sundaram Arbitrage Fund 5 5 5 5 5 5 5 5

Figures in brackets indicate previous quarter ranks

23
Gilt funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean
Volatility Volatility Modified
Gilt funds Rank Rank Return Return Liquidity
- Reg - Dir Duration
- Reg - Dir - Reg - Dir

Weightages 50% 25% 10% 15%

LIC MF Government Securities Fund 1 1 4 3 1 1 1 1

SBI Magnum Gilt Fund 1 (2) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 1 (2) 2 (2)

DSP Government Securities Fund 2 (1) 2 (1) 2 (2) 2 (2) 4 (5) 4 (5) 3 (3) 2 (1)

Edelweiss Government Securities Fund 2 (3) 1 (3) 1 (1) 1 (1) 5 (4) 5 (4) 4 (5) 1 (4)

IDFC Government Securities Fund - Investment Plan 2 (1) 2 (1) 2 (3) 2 (3) 4 (5) 4 (5) 3 (3) 3 (1)

Aditya Birla Sun Life Government Securities Fund 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 5 (5)

Axis Gilt Fund 3 (3) 3 (3) 3 (2) 3 (3) 2 (2) 2 (2) 3 (4) 3 (4)

Franklin India Government Securities Fund 3 (5) 3 (5) 5 (5) 5 (5) 3 (3) 3 (3) 2 (3) 2 (3)

ICICI Prudential Gilt Fund 3 (3) 3 (3) 1 (1) 1 (1) 5 (4) 5 (4) 5 (5) 4 (4)

Kotak Gilt - Investment 3 (3) 3 (2) 3 (3) 3 (2) 4 (4) 4 (4) 3 (1) 5 (5)

PGIM India Gilt Fund 3 (2) 3 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (2) 3 (2)

UTI Gilt Fund 3 (2) 3 (3) 3 (3) 4 (3) 3 (2) 3 (2) 2 (2) 3 (3)

Canara Robeco Gilt Fund 4 (4) 4 (4) 4 (4) 4 (4) 2 (1) 2 (1) 2 (1) 3 (3)

HDFC Gilt Fund 4 (3) 4 (3) 3 (4) 4 (4) 1 (1) 1 (1) 4 (3) 4 (3)

Nippon India Gilt Securities Fund 4 (4) 5 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (3)

L&T Gilt 5 (4) 4 (4) 4 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (2)

Tata Gilt Securities Fund 5 (5) 5 (5) 5 (5) 5 (5) 3 (3) 3 (3) 5 (4) 3 (3)

Figures in brackets indicate previous quarter ranks

24
Banking and PSU funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Banking and PSU funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Edelweiss Banking and PSU

1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 4 (4) 5 (5) 3 (3)
Debt Fund

Kotak Banking and PSU Debt

1 (2) 2 (2) 1 (2) 1 (2) 4 (4) 4 (4) 1 (1) 3 (3) 4 (4) 4 (4) 2 (3)
Fund

Axis Banking & PSU Debt

2 (4) 2 (4) 3 (4) 3 (4) 1 (1) 1 (1) 5 (4) 4 (5) 3 (3) 1 (2) 4 (3)
Fund

ICICI Prudential Banking &

2 (1) 2 (1) 2 (1) 2 (1) 4 (4) 4 (4) 1 (1) 1 (1) 3 (4) 4 (4) 3 (3)
PSU Debt Fund

Invesco India Banking & PSU

2 (2) 2 (2) 3 (2) 3 (2) 5 (5) 5 (5) 1 (1) 3 (4) 1 (1) 5 (5) 1 (1)
Debt Fund

PGIM India Banking & PSU

2 (2) 1 (2) 3 (2) 3 (2) 3 (3) 3 (3) 1 (1) 5 (3) 1 (3) 2 (3) 2 (2)
Debt Fund

Aditya Birla Sun Life Banking

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (5) 4 (4) 4 (4) 3 (3) 4 (4)
& PSU Debt Fund

DSP Banking & PSU Debt

3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 1 (1) 3 (3) 2 (2) 3 (3) 1 (2)
Fund

Franklin India Banking &

3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (1) 3 (3) 3 (3) 3 (4)
PSU Debt Fund

HDFC Banking & PSU Debt

3 (4) 3 (4) 2 (3) 2 (3) 3 (3) 3 (3) 1 (1) 1 (3) 5 (5) 4 (4) 4 (4)
Fund

IDFC Banking & PSU Debt

3 (3) 4 (4) 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 4 (5) 3 (3) 2 (2) 3 (3)
Fund

Mirae Asset Banking and

3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (1) 3 (3) 3 (3) 2 (3)
PSU Debt Fund

Nippon India Banking & PSU

3 (3) 3 (2) 2 (2) 2 (2) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3) 5 (5)
Debt Fund

Tata Banking & PSU Debt

3 (3) 3 (3) 2 (3) 2 (3) 4 (4) 4 (4) 1 (1) 3 (3) 4 (2) 3 (4) 4 (4)
Fund

Baroda Banking & PSU Bond

4 4 3 3 4 4 1 5 2 4 3
Fund - Plan A

L&T Banking and PSU Debt

4 (2) 4 (3) 4 (3) 4 (3) 3 (3) 3 (3) 1 (1) 1 (1) 2 (1) 2 (2) 3 (2)
Fund

LIC MF Banking & PSU Debt 4 (5) 3 (5) 5 (5) 4 (4) 2 (2) 2 (2) 1 (1) 3 (1) 2 (2) 1 (2) 2 (2)

Sundaram Banking & PSU

4 (3) 5 (3) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 4 (4) 3 (2) 3 (1) 3 (1)
Debt Fund
DEBT FUNDS

SBI Banking and PSU Fund 5 (4) 4 (4) 4 (4) 4 (4) 3 (4) 3 (4) 1 (1) 1 (3) 3 (3) 3 (3) 3 (3)

UTI-Banking & PSU Debt

5 (5) 5 (5) 4 (4) 5 (5) 2 (2) 2 (2) 1 (5) 3 (4) 5 (5) 2 (1) 5 (5)
Fund

Figures in brackets indicate previous quarter ranks

25
Credit Risk funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean Exposure to
Volatility Volatility Company Asset Modified
Credit Risk funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

UTI Credit Risk Fund 1 (2) 1 (2) 2 (4) 2 (4) 5 (2) 5 (2) 1 (2) 1 (3) 2 (1) 2 (2) 2 (3)

Baroda Credit Risk Fund 2 2 3 3 3 3 4 3 1 4 1

HDFC Credit Risk Debt

2 (1) 3 (1) 2 (1) 2 (1) 3 (4) 3 (3) 3 (3) 3 (1) 3 (3) 5 (5) 3 (3)
Fund

Aditya Birla Sun Life Credit

3 (3) 3 (3) 3 (2) 3 (2) 3 (3) 3 (4) 4 (5) 3 (3) 3 (3) 3 (3) 3 (1)
Risk Fund

Axis Credit Risk Fund 3 (2) 2 (2) 3 (3) 3 (3) 2 (2) 2 (2) 3 (4) 1 (1) 3 (3) 2 (2) 5 (4)

ICICI Prudential Credit Risk

3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (1) 3 (3) 3 (3) 4 (5)
Fund

Nippon India Credit Risk 3 (3) 3 (3) 1 (2) 1 (2) 3 (3) 3 (3) 2 (4) 4 (4) 4 (4) 3 (4) 3 (3)

Kotak Credit Risk Fund 4 (4) 4 (3) 4 (3) 4 (3) 4 (5) 4 (5) 5 (1) 4 (4) 4 (4) 4 (4) 3 (2)

SBI Credit Risk Fund 4 (3) 4 (3) 4 (3) 4 (3) 2 (3) 2 (3) 2 (2) 1 (1) 2 (2) 3 (3) 4 (4)

DSP Credit Risk Fund 5 (5) 5 (5) 5 (5) 5 (5) 1 (1) 1 (1) 3 (3) 5 (5) 5 (5) 1 (1) 2 (2)

Figures in brackets indicate previous quarter ranks

26
Corporate Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Corporate Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

DSP Corporate Bond Fund 1 (3) 1 (3) 4 (5) 5 (5) 1 (1) 1 (1) 1 (1) 1 (4) 3 (3) 1 (1) 2 (2)

L&T Triple Ace Bond Fund 1 (1) 1 (1) 1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 5 (5) 1 (1)

HDFC Corporate Bond

2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 3 (3) 4 (5) 3 (3)
Fund

IDFC Corporate Bond

2 (1) 2 (2) 2 (3) 3 (2) 5 (4) 5 (4) 1 (1) 5 (5) 2 (1) 3 (4) 2 (1)
Fund

Kotak Corporate Bond

2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 4 (4) 3 (4) 3 (2) 2 (3) 4 (4)
Fund

Nippon India Corporate

2 (2) 2 (2) 1 (1) 1 (1) 1 (2) 1 (2) 4 (5) 1 (1) 5 (5) 3 (2) 5 (5)
Bond Fund

Aditya Birla Sun Life

3 (3) 5 (3) 2 (2) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 4 (4) 4 (3) 5 (4)
Corporate Bond Fund

Franklin India Corporate

3 (4) 3 (4) 3 (3) 3 (3) 2 (2) 2 (2) 3 (3) 1 (1) 5 (5) 2 (3) 3 (4)
Debt Fund

ICICI Prudential Corporate

3 (2) 3 (2) 2 (2) 2 (2) 3 (1) 3 (1) 4 (4) 1 (1) 2 (2) 5 (4) 4 (4)
Bond Fund

PGIM India Premier Bond

3 (2) 2 (1) 3 (2) 2 (2) 2 (3) 2 (3) 1 (1) 4 (1) 4 (4) 3 (4) 4 (3)
Fund

Sundaram Corporate
3 (3) 4 (4) 4 (4) 4 (4) 3 (4) 3 (4) 1 (1) 3 (1) 4 (3) 1 (1) 3 (2)
Bond Fund

UTI Corporate Bond Fund 3 (3) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (1) 3 (3) 3 (2) 3 (3)

Axis Corporate Debt Fund 4 (4) 3 (3) 3 (3) 2 (3) 2 (2) 2 (2) 5 (4) 4 (1) 3 (4) 3 (3) 4 (5)

HSBC Corporate Bond

4 (4) 4 (5) 3 (3) 3 (3) 4 (4) 4 (4) 1 (1) 5 (5) 4 (4) 3 (4) 2 (3)
Fund

Invesco India Corporate

4 (4) 4 (3) 4 (4) 4 (4) 4 (3) 4 (3) 1 (1) 1 (4) 2 (2) 4 (3) 3 (3)
Bond Fund

Union Corporate Bond

4 (3) 4 (3) 4 (4) 4 (4) 4 (5) 4 (5) 1 (1) 4 (4) 1 (2) 4 (3) 1 (2)
Fund

Canara Robeco Corporate

5 (5) 3 (4) 5 (5) 5 (5) 3 (3) 3 (3) 1 (3) 1 (1) 2 (3) 2 (2) 2 (2)
Bond Fund

SBI Corporate Bond Fund 5 (5) 5 (5) 5 (4) 4 (4) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 2 (2) 3 (3)

Figures in brackets indicate previous quarter ranks

27
Dynamic Bond funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Modified Company Asset
Dynamic Bond funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Dynamic Bond Fund 1 (1) 1 (1) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 5 (3) 1 (1) 1 (1)

Quantum Dynamic Bond

1 (1) 2 (1) 2 (3) 3 (3) 3 (2) 3 (2) 3 (3) 1 (1) 3 (3) 2 (2) 2 (1)
Fund

Axis Dynamic Bond Fund 2 (2) 3 (2) 1 (1) 1 (1) 5 (5) 5 (5) 5 (5) 1 (1) 1 (2) 3 (3) 4 (4)

Canara Robeco Dynamic

2 (3) 1 (3) 5 (4) 4 (4) 2 (2) 2 (2) 2 (1) 1 (1) 4 (4) 2 (2) 1 (2)
Bond Fund

ICICI Prudential All

2 (2) 2 (2) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 4 (4) 3 (3) 5 (4) 4 (4)
Seasons Bond Fund

Kotak Dynamic Bond

2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 3 (3) 3 (3) 4 (1) 3 (2) 3 (3) 3 (3)
Fund

DSP Strategic Bond Fund 3 (3) 3 (3) 3 (3) 3 (2) 5 (5) 5 (5) 2 (4) 1 (1) 4 (4) 2 (2) 3 (2)

HSBC Flexi Debt Fund 3 (2) 3 (2) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 1 (1) 3 (3) 2 (1) 2 (2)

IIFL Dynamic Bond Fund 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 5 (4) 1 (2) 4 (4) 4 (4)

L&T Flexi Bond Fund 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 1 (1) 5 (5) 1 (2) 3 (2)

PGIM India Dynamic

3 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3) 2 (3)
Bond Fund

SBI Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 1 (2) 4 (4) 3 (4) 3 (3) 3 (3)

Tata Dynamic Bond Fund 3 (3) 3 (3) 3 (3) 2 (3) 2 (2) 2 (2) 1 (1) 1 (1) 3 (3) 4 (5) 4 (4)

Union Dynamic Bond

3 (3) 3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 2 (1) 3 (3) 3 (3)
Fund

Aditya Birla Sun Life

4 (4) 5 (4) 3 (2) 3 (3) 3 (3) 3 (3) 3 (2) 5 (5) 3 (1) 5 (5) 5 (5)
Dynamic Bond Fund

HDFC Dynamic Debt

4 (4) 4 (5) 4 (4) 5 (5) 1 (1) 1 (1) 4 (3) 4 (4) 2 (3) 3 (3) 2 (3)
Fund

Mirae Asset Dynamic

4 (4) 4 (4) 3 (3) 3 (3) 2 (3) 2 (3) 3 (2) 1 (1) 4 (5) 3 (3) 3 (3)
Bond Fund

Nippon India Dynamic

4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 5 (5) 1 (1) 1 (1) 4 (4) 3 (3)
Bond Fund

BNP Paribas Flexi Debt

5 (5) 4 (4) 4 (5) 4 (4) 3 (3) 3 (3) 4 (4) 1 (1) 2 (4) 3 (3) 3 (3)
Fund

UTI-Dynamic Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 4 (3) 2 (2) 1 (5) 3 (3) 4 (4) 5 (5)

Figures in brackets indicate previous quarter ranks

28
Medium to Long Duration funds (Cluster ranks are arranged alphabetically and sorted based on
regular plans ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Medium to Long Volatility Volatility Modified Company Asset
Rank Rank Return Return Sensitive Liquidity
Duration funds - Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

Aditya Birla Sun Life

1 (2) 1 (2) 1 (2) 2 (2) 4 (4) 4 (4) 3 (3) 1 (1) 3 (4) 3 (3) 3 (3)
Income Fund

IDFC Bond Fund -

2 (1) 2 (1) 3 (3) 3 (3) 4 (4) 4 (4) 2 (3) 1 (1) 5 (3) 1 (1) 1 (1)
Income Plan

Kotak Bond 2 (3) 2 (2) 2 (3) 2 (2) 3 (3) 3 (3) 3 (3) 1 (1) 1 (1) 3 (3) 3 (3)

Canara Robeco Income

3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 3 (2) 4 (4) 1 (1) 3 (1) 3 (3) 3 (3)
Fund

ICICI Prudential Bond

3 (3) 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 4 (1) 4 (3) 3 (3)
Fund

LIC MF Bond Fund 3 (2) 3 (3) 4 (4) 4 (4) 2 (3) 2 (3) 1 (1) 1 (1) 4 (3) 2 (2) 2 (2)

Nippon India Income

3 (3) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 5 (5) 1 (1) 3 (5) 2 (2) 2 (2)
Fund

SBI Magnum Income

3 (3) 3 (3) 2 (1) 1 (1) 2 (1) 2 (1) 3 (2) 5 (4) 1 (3) 5 (5) 4 (4)
Fund

HDFC Income Fund 4 (4) 4 (4) 3 (4) 4 (4) 1 (2) 1 (2) 4 (3) 1 (1) 3 (1) 3 (3) 3 (3)

Tata Income Fund 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (3) 3 (4) 4 (4)

UTI Bond Fund 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 2 (2) 1 (5) 3 (4) 4 (4) 5 (5)

Figures in brackets indicate previous quarter ranks

29
Medium Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Modified Company Asset
Medium Duration funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Duration Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 5% 7.5% 17.5%

IDFC Bond Fund -

1 (1) 1 (1) 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 1 (1) 4 (1) 1 (1) 1 (1)
Medium Term Plan

ICICI Prudential Medium

2 (2) 3 (2) 1 (2) 1 (1) 2 (2) 2 (2) 3 (3) 3 (4) 3 (4) 4 (5) 4 (4)
Term Bond Fund

L&T Resurgent India

2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (3) 1 (1) 3 (3) 2 (2)
Bond Fund

SBI Magnum Medium

2 (2) 2 (2) 2 (1) 2 (2) 2 (2) 2 (2) 3 (1) 2 (3) 1 (1) 3 (3) 3 (3)
Duration Fund

Axis Strategic Bond Fund 3 (3) 3 (3) 2 (2) 2 (2) 1 (1) 1 (1) 2 (3) 5 (4) 1 (1) 3 (4) 4 (3)

DSP Bond Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (4) 3 (4) 4 (3) 3 (2) 3 (1) 2 (2) 2 (2)

HDFC Medium Term Debt

3 (2) 2 (2) 2 (2) 2 (2) 2 (2) 2 (2) 4 (3) 3 (3) 1 (1) 3 (3) 3 (3)
Fund

Kotak Medium Term Fund 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 3 (3) 3 (1) 2 (2) 3 (4)

Sundaram Medium Term

3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 2 (1) 1 (1) 2 (2) 2 (2)
Bond Fund

Aditya Birla Sun Life

4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 4 (4) 5 (4) 4 (5) 4 (4) 5 (4) 4 (4)
Medium Term Plan

Tata Medium Term Fund 4 (4) 4 (4) 3 (3) 3 (3) 4 (4) 4 (4) 3 (3) 4 (3) 1 (3) 4 (4) 3 (3)

UTI - Medium Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 4 (3) 4 (3) 2 (2) 4 (4) 4 (4) 3 (3) 3 (3)

Nippon India Strategic

5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 5 (5) 1 (2) 3 (2) 5 (5) 4 (3) 5 (5)
Debt Fund

Figures in brackets indicate previous quarter ranks

30
Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Short Duration funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

IDFC Bond Fund - Short

1 (3) 1 (3) 2 (3) 3 (4) 4 (3) 4 (3) 1 (1) 4 (4) 1 (3) 3 (4) 1 (2)
Term

UTI Short Term Income

1 (2) 1 (2) 1 (2) 1 (2) 2 (2) 2 (2) 5 (5) 4 (4) 3 (3) 1 (2) 3 (3)
Fund

HDFC Short Term Debt

2 (2) 3 (3) 2 (1) 2 (2) 3 (3) 3 (3) 3 (3) 1 (5) 4 (4) 5 (5) 4 (4)
Fund

Kotak Bond Short Term

2 (1) 2 (1) 3 (2) 2 (2) 3 (3) 3 (3) 3 (4) 1 (1) 2 (2) 4 (4) 3 (3)
Plan

Nippon India Short Term

2 (1) 2 (1) 1 (1) 1 (1) 3 (3) 3 (3) 4 (3) 1 (1) 5 (4) 3 (4) 5 (4)
Fund

Sundaram Short
2 2 3 3 3 3 3 4 2 2 2
Duration Fund

Aditya Birla Sun Life

3 (3) 3 (3) 2 (2) 2 (2) 2 (2) 2 (2) 4 (4) 1 (1) 5 (5) 3 (3) 5 (5)
Short Term Fund

Axis Short Term Fund 3 (3) 2 (3) 3 (3) 3 (3) 1 (2) 1 (2) 3 (3) 1 (1) 4 (4) 2 (3) 4 (4)

Baroda Short Term Bond

3 (3) 3 (3) 3 (3) 3 (3) 2 (2) 2 (2) 5 (4) 1 (1) 4 (5) 5 (3) 3 (3)
Fund

BNP Paribas Short Term

3 (3) 3 (4) 3 (3) 3 (3) 4 (4) 4 (4) 4 (1) 3 (5) 3 (3) 4 (1) 3 (3)
Fund

Canara Robeco Short

3 (3) 3 (3) 4 (4) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1) 3 (3) 2 (2) 1 (2)
Duration Fund

ICICI Prudential Short

3 (3) 3 (2) 2 (2) 2 (1) 2 (3) 2 (3) 4 (3) 5 (3) 4 (4) 4 (4) 4 (5)
Term Fund

L&T Short Term Bond

3 (3) 3 (3) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 1 (1) 1 (2) 3 (2) 2 (2)
Fund

Mirae Asset Short Term

3 (4) 3 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (5) 4 (1) 3 (3) 2 (3) 3 (3)
Fund

DSP Short Term Fund 4 (4) 4 (4) 4 (4) 4 (4) 3 (3) 3 (3) 3 (3) 5 (1) 2 (3) 1 (3) 2 (3)

HSBC Short Duration

4 (4) 4 (3) 4 (3) 3 (3) 5 (4) 4 (4) 1 (1) 3 (4) 3 (2) 3 (3) 3 (3)
Fund

Invesco India Short Term

4 (5) 4 (5) 4 (4) 4 (3) 5 (5) 5 (5) 1 (1) 1 (3) 3 (3) 3 (3) 3 (3)
Fund

SBI Short Term Debt

4 (3) 5 (4) 3 (3) 4 (3) 3 (3) 3 (3) 3 (3) 1 (1) 3 (3) 3 (2) 4 (3)
Fund

LIC MF Short Term Debt

5 (4) 4 (3) 5 (5) 5 (4) 3 (3) 3 (3) 1 (1) 3 (1) 2 (2) 3 (3) 2 (2)
Fund

Tata Short Term Bond

5 (5) 5 (5) 5 (4) 3 (3) 4 (4) 5 (4) 3 (4) 1 (1) 3 (3) 4 (3) 3 (4)
Fund

Figures in brackets indicate previous quarter ranks

31
Money Market funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Volatility Volatility Company Asset Modified
Money Market funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Franklin India Savings

1 (2) 1 (2) 3 (3) 4 (4) 4 (4) 4 (4) 1 (1) 4 (1) 1 (2) 1 (3) 1 (2)
Fund

UTI Money Market Fund 1 (2) 1 (2) 2 (3) 3 (3) 3 (3) 1 (3) 1 (3) 3 (1) 3 (3) 2 (2) 3 (2)

Axis Money Market Fund 2 (2) 3 (3) 3 (2) 2 (2) 3 (2) 3 (2) 3 (1) 4 (4) 3 (3) 3 (3) 3 (3)

ICICI Prudential Money

2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 2 (2) 1 (3) 4 (1) 2 (3) 1 (1) 4 (4)
Market Fund

Nippon India Money

2 (1) 2 (1) 2 (3) 2 (3) 3 (3) 3 (3) 3 (3) 1 (1) 2 (1) 4 (2) 2 (3)
Market

DSP Savings Fund 3 (4) 3 (4) 3 (3) 3 (3) 5 (5) 5 (5) 1 (1) 3 (1) 3 (3) 3 (4) 3 (3)

HDFC Money Market

3 (3) 4 (3) 2 (2) 2 (2) 3 (3) 3 (3) 4 (4) 1 (1) 4 (3) 4 (3) 5 (4)
Fund

Invesco India Money

3 (3) 3 (3) 4 (4) 3 (3) 5 (4) 5 (4) 3 (3) 1 (1) 3 (3) 3 (4) 2 (3)
Market Fund

Kotak Money Market 3 (3) 4 (3) 3 (3) 4 (4) 2 (3) 1 (2) 4 (3) 1 (1) 4 (4) 4 (3) 3 (3)

Tata Money Market Fund 3 (3) 3 (3) 1 (1) 1 (1) 4 (4) 4 (4) 3 (4) 3 (1) 5 (4) 5 (4) 4 (3)

Aditya Birla Sun Life

4 (4) 4 (5) 1 (2) 1 (2) 4 (3) 3 (3) 4 (4) 3 (1) 5 (5) 5 (3) 5 (5)
Money Manager Fund

IDFC Money Manager

4 (3) 2 (2) 5 (4) 5 (4) 1 (2) 2 (3) 1 (1) 5 (4) 1 (2) 2 (2) 2 (1)
Fund

SBI Savings Fund 4 (4) 3 (4) 4 (4) 3 (3) 2 (2) 2 (3) 3 (3) 3 (1) 4 (4) 3 (3) 4 (4)

Edelweiss Money Market

5 5 5 4 1 3 5 5 2 2 1
Fund

L&T Money Market Fund 5 (5) 5 (4) 4 (5) 5 (5) 2 (1) 4 (1) 5 (5) 1 (5) 3 (2) 3 (5) 3 (2)

Figures in brackets indicate previous quarter ranks

32
Low Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular plans
ranking)

Dec - Dec -
Mean Mean Exposure to
21 21 Volatility Volatility Company Asset Modified
Low Duration funds Return Return Sensitive Liquidity
Rank Rank - Reg - Dir Concentration Quality Duration
- Reg - Dir Sector
- Reg - Dir

Weightages 50% 10% 5% 5% 10% 5% 15%

Canara Robeco Savings Fund 1 (1) 1 (1) 4 (5) 5 (5) 1 (2) 1 (1) 1 (1) 1 (1) 1 (1) 2 (2) 1 (1)

UTI Treasury Advantage Fund 1 (2) 2 (2) 1 (2) 1 (2) 4 (3) 4 (3) 5 (5) 5 (4) 2 (3) 3 (3) 2 (2)

Axis Treasury Advantage Fund 2 (2) 3 (3) 2 (2) 3 (3) 2 (2) 2 (2) 3 (3) 3 (1) 4 (3) 3 (3) 3 (3)

DSP Low Duration Fund 2 (3) 2 (3) 3 (3) 4 (4) 2 (2) 2 (3) 1 (1) 1 (1) 3 (3) 3 (3) 3 (2)

IDFC Low Duration Fund 2 (2) 3 (3) 3 (4) 5 (4) 3 (3) 3 (3) 1 (1) 4 (4) 2 (2) 4 (3) 1 (2)

Nippon India Low Duration Fund 2 (2) 1 (2) 1 (1) 1 (1) 3 (4) 3 (4) 4 (4) 1 (1) 3 (2) 4 (3) 4 (5)

ICICI Prudential Savings Fund 3 (1) 4 (1) 2 (1) 4 (1) 5 (5) 5 (5) 3 (3) 4 (1) 1 (1) 4 (5) 3 (3)

Invesco India Treasury Advantage Fund 3 (3) 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 1 (1) 1 (1) 2 (2) 3 (4) 2 (2)

L&T Low Duration Fund 3 (4) 2 (4) 3 (3) 3 (3) 3 (3) 3 (3) 3 (3) 1 (4) 3 (4) 2 (4) 4 (4)

LIC MF Savings Fund 3 (4) 3 (4) 4 (3) 3 (3) 4 (5) 4 (5) 3 (1) 3 (1) 3 (4) 1 (1) 2 (3)

Mirae Asset Savings Fund 3 (5) 3 (5) 5 (4) 4 (4) 2 (3) 3 (3) 3 (4) 4 (4) 2 (4) 2 (3) 2 (3)

SBI Magnum Low Duration Fund 3 (4) 4 (3) 4 (4) 3 (3) 1 (1) 1 (1) 2 (3) 1 (1) 5 (3) 1 (2) 5 (4)

Tata Treasury Advantage Fund 3 (3) 3 (4) 2 (3) 3 (3) 3 (3) 2 (2) 3 (3) 1 (1) 4 (3) 3 (2) 3 (4)

Aditya Birla Sun Life Low Duration Fund 4 (3) 2 (3) 3 (3) 2 (2) 3 (3) 3 (3) 4 (4) 1 (1) 3 (5) 3 (4) 3 (3)

HDFC Low Duration Fund 4 (3) 5 (3) 2 (2) 2 (2) 5 (4) 5 (4) 3 (3) 1 (1) 5 (5) 5 (4) 5 (5)

Kotak Low Duration Fund 4 (3) 3 (2) 3 (2) 2 (2) 4 (4) 4 (4) 5 (3) 1 (1) 3 (3) 4 (5) 3 (3)

Sundaram Low Duration Fund 4 4 3 2 4 4 2 5 4 2 3

BNP Paribas Low Duration Fund 5 (3) 5 (2) 4 (3) 3 (3) 3 (4) 3 (4) 4 (1) 4 (5) 3 (2) 5 (2) 4 (1)

Mahindra Manulife Low Duration Fund 5 (5) 4 (4) 5 (4) 3 (3) 2 (2) 2 (2) 4 (5) 1 (3) 4 (4) 3 (3) 4 (4)

Figures in brackets indicate previous quarter ranks

33
Ultra Short Duration funds (Cluster ranks are arranged alphabetically and sorted based on regular
plans ranking)

Dec - 21 Dec - 21 Mean Mean Exposure to

Ultra Short Duration Volatility Volatility Company Asset Modified
Rank Rank Return Return Sensitive Liquidity
funds - Reg - Dir Concentration Quality Duration
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 10% 5% 15%

Canara Robeco Ultra

1 (1) 1 (1) 5 (5) 5 (5) 1 (1) 1 (1) 1 (1) 1 (1) 1 (1) 3 (1) 1 (1)
Short Term Fund

L&T Ultra Short Term

1 (1) 2 (1) 3 (3) 4 (4) 3 (3) 2 (2) 1 (3) 3 (1) 1 (1) 2 (2) 2 (1)
Fund

HSBC Ultra Short

2 (3) 2 (3) 2 (2) 3 (3) 4 (4) 3 (3) 1 (2) 1 (3) 3 (3) 2 (3) 2 (2)
Duration Fund

IDFC Ultra Short Term

2 (2) 4 (3) 3 (3) 5 (5) 3 (3) 3 (2) 1 (1) 5 (5) 2 (2) 4 (2) 1 (2)
Fund

Nippon India Ultra Short

2 (2) 1 (2) 1 (1) 1 (1) 5 (5) 5 (5) 4 (4) 3 (4) 5 (4) 5 (5) 4 (5)
Duration Fund

SBI Magnum Ultra Short

2 (2) 3 (3) 3 (3) 4 (4) 3 (2) 2 (2) 1 (1) 1 (1) 3 (2) 3 (2) 3 (3)
Duration Fund

Aditya Birla Sun Life

3 (3) 5 (4) 2 (2) 2 (2) 4 (4) 4 (4) 3 (3) 3 (1) 4 (5) 5 (5) 5 (4)
Savings Fund

HDFC Ultra Short Term

3 (2) 4 (3) 2 (2) 3 (2) 4 (4) 4 (4) 3 (2) 3 (1) 3 (3) 4 (4) 3 (4)
Fund

ICICI Prudential Ultra

3 (4) 3 (4) 2 (2) 1 (2) 3 (4) 4 (4) 5 (5) 4 (3) 5 (5) 1 (1) 5 (5)
Short Term Fund

Kotak Savings Fund 3 (3) 3 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (2) 1 (1) 2 (2) 4 (4) 2 (2)

PGIM India Ultra Short

3 (3) 2 (3) 3 (3) 3 (3) 2 (3) 2 (3) 1 (4) 1 (1) 2 (3) 2 (3) 3 (3)
Term Fund

UTI Ultra Short Term

3 (3) 3 (2) 3 (3) 2 (3) 4 (3) 4 (3) 3 (4) 4 (1) 3 (3) 2 (4) 3 (2)
Fund

Axis Ultra Short Term

4 (4) 3 (3) 4 (4) 2 (2) 2 (3) 3 (4) 4 (4) 3 (1) 4 (4) 3 (3) 4 (4)
Fund

IDBI Ultra Short Term

4 (3) 5 (5) 1 (1) 2 (1) 5 (5) 5 (5) 5 (5) 5 (5) 4 (3) 3 (2) 4 (3)
Fund

Invesco India Ultra Short

4 (4) 4 (4) 4 (4) 3 (3) 3 (2) 3 (3) 4 (3) 1 (4) 3 (4) 3 (4) 3 (3)
Term Fund

Tata Ultra Short Term

4 (5) 3 (5) 4 (4) 3 (3) 2 (2) 3 (3) 3 (3) 3 (4) 4 (4) 3 (3) 4 (4)
Fund

DSP Ultra Short Fund 5 (4) 4 (4) 4 (4) 4 (4) 2 (2) 2 (2) 3 (3) 4 (1) 2 (3) 4 (3) 3 (3)

Sundaram Ultra Short

5 2 5 4 1 1 4 4 3 1 2
Duration Fund

Figures in brackets indicate previous quarter ranks

34
Liquid funds (Cluster ranks are arranged alphabetically and sorted based on regular plans ranking)
Dec - 21 Dec - 21 Mean Mean Exposure to
Volatility Volatility Company Asset
Liquid funds Rank Rank Return Return Sensitive Liquidity
- Reg - Dir Concentration Quality
- Reg - Dir - Reg - Dir Sector

Weightages 50% 10% 5% 5% 15% 15%

Canara Robeco Liquid 1 (1) 1 (1) 5 (3) 5 (5) 1 (1) 1 (1) 1 (3) 1 (3) 1 (2) 2 (2)

Parag Parikh Liquid Fund 1 (1) 1 (1) 5 (5) 5 (5) 4 (5) 4 (5) 1 (1) 1 (1) 1 (1) 1 (1)

Baroda Liquid Fund 2 (3) 2 (3) 1 (1) 1 (1) 2 (2) 2 (2) 3 (3) 4 (4) 2 (3) 2 (3)

Franklin India Liquid Fund 2 (3) 2 (3) 2 (3) 3 (3) 3 (2) 3 (2) 4 (5) 3 (1) 2 (3) 3 (4)

HSBC Cash Fund 2 (2) 2 (2) 3 (3) 3 (3) 4 (3) 4 (3) 1 (2) 3 (1) 2 (1) 2 (2)

IDFC Cash Fund 2 (2) 2 (2) 3 (3) 4 (4) 2 (3) 2 (3) 1 (1) 4 (4) 2 (2) 1 (1)

L&T Liquid Fund 2 (2) 2 (2) 3 (3) 4 (4) 3 (3) 3 (3) 4 (3) 3 (1) 3 (2) 3 (2)

Axis Liquid Fund 3 (3) 3 (4) 2 (2) 3 (3) 3 (3) 3 (3) 3 (3) 3 (1) 3 (4) 3 (4)

DSP Liquidity Fund 3 (2) 3 (2) 3 (4) 3 (4) 3 (3) 3 (3) 3 (4) 5 (4) 2 (2) 2 (2)

Invesco India Liquid Fund 3 (3) 3 (3) 3 (3) 4 (4) 3 (2) 3 (2) 3 (3) 2 (1) 3 (4) 3 (3)

Kotak Liquid 3 (3) 3 (3) 4 (4) 3 (3) 3 (3) 3 (3) 3 (3) 1 (1) 4 (3) 3 (3)

LIC MF Liquid Fund 3 (3) 3 (3) 4 (3) 3 (2) 2 (1) 2 (1) 4 (2) 4 (5) 3 (2) 3 (3)

Mirae Asset Cash Management Fund 3 (2) 3 (2) 2 (1) 2 (2) 2 (2) 2 (2) 2 (2) 3 (3) 4 (3) 4 (3)

SBI Liquid Fund 3 (3) 3 (3) 2 (3) 2 (3) 3 (4) 3 (4) 2 (3) 3 (1) 3 (3) 3 (3)

Union Liquid Fund 3 (5) 3 (5) 3 (2) 3 (2) 1 (2) 1 (2) 5 (5) 5 (5) 3 (3) 2 (2)

UTI Liquid Cash Plan 3 (3) 3 (3) 2 (2) 2 (3) 3 (3) 3 (3) 3 (3) 3 (1) 4 (4) 3 (3)

HDFC Liquid Fund 4 (4) 5 (4) 4 (5) 4 (4) 4 (4) 4 (4) 5 (4) 2 (1) 3 (4) 4 (3)

ICICI Prudential Liquid Fund 4 (4) 4 (3) 4 (4) 4 (3) 3 (3) 3 (3) 3 (4) 4 (1) 3 (4) 4 (4)

Mahindra Manulife Liquid Fund 4 (4) 4 (4) 1 (2) 1 (2) 5 (3) 5 (3) 2 (3) 3 (4) 3 (3) 4 (4)

Nippon India Liquid Fund 4 (3) 4 (3) 4 (4) 3 (3) 4 (4) 4 (4) 3 (4) 2 (1) 4 (3) 3 (3)

Sundaram Liquid Fund 4 4 3 2 2 2 3 4 5 4

Aditya Birla Sun Life Liquid Fund 5 (5) 5 (5) 3 (3) 2 (3) 5 (4) 5 (4) 4 (2) 3 (1) 5 (5) 5 (5)

Tata Liquid Fund 5 (4) 4 (4) 3 (4) 3 (3) 4 (5) 4 (5) 4 (3) 2 (1) 4 (3) 5 (4)
Figures in brackets indicate previous quarter ranks

35
Annexure I – CRISIL Mutual Fund Ranking Methodology
CMFR is the relative ranking of mutual fund schemes within cash and equivalents beyond a defined threshold is also
a peer group. The basic criteria for inclusion in the ranking penalized under this parameter.
universe are three-year / one-year NAV history and AUM in
excess of category cut-off limits, and complete portfolio Exposure to sensitive sectors
disclosure. Three-year NAV history is considered across all
In case of debt schemes, industry concentration is
equity, hybrid, dynamic bond, medium duration, medium to
analysed for exposure to sensitive sectors which are arrived
long duration and gilt categories; whereas one-year for
based on Industry Risk Score (IRS) for various sectors.
banking & PSU, corporate bond, credit risk, liquid, low
CRISIL’s assessment of IRS quantifies the credit risk
duration, money market, ultra short term, short duration
associated with an industry on a uniform scale to ensure
categories.
comparability across industries. The score captures the

Only open-ended schemes are considered. Ranking is influence of various industry variables on the debt

based on the following parameters: repayment ability of companies in a particular sector over a
3-4-year horizon.

Mean return and volatility

Liquidity analysis
Mean return and volatility are considered as separate
parameters across all categories. Mean return is the It measures the ease with which a portfolio can be

average of daily returns based on the scheme’s NAV for the liquidated. The lower the score, the better. In case of

period under analysis and volatility is the standard equities, it measures the number of days to liquidate the

deviation of these returns. While the period for analysis is portfolio. Liquidity is calculated by taking the average

three years for equity, hybrid, gilt, dynamic, medium portfolio liquidity score of the past three months.

duration, medium to long duration categories; it is one year

Equity liquidity is computed as follows:
for banking & PSU, corporate bond, credit risk, liquid, and
other short duration categories. The period of analysis is Liquidity score of each stock = No. of shares held / daily
broken into four overlapping periods (latest 36, 27, 18 and 9 average trading volume of past six months
months for three-year period, and latest 12, 9, 6 and 3
Portfolio liquidity score = Weighted average liquidity score
months for one-year period). Each period is assigned a
of the above
progressive weight starting from the longest period as
follows: 32.5%, 27.5%, 22.5% and 17.5%, respectively. In case of debt liquidity, T-bills will be treated at par and will
be scored better followed by G-sec, then SDL and corporate
Outlier returns in debt funds due to recovery are normalised
bonds. All SDLs will be treated at par and scored equal to
while calculating mean returns and volatility.
liquid classified corporate debt. G-sec will be assessed
using the security level trade data for the last three months
Portfolio concentration analysis by analysing turnover (volume), the number of days security
Concentration measures the risk arising out of improper is traded, and the number of trades. Corporate debt liquidity
diversification. For equity securities, diversity score is used is computed by classifying each security into three
as the parameter to measure industry as well as company categories - liquid, semi liquid and illiquid based on (best of)
concentration. In case of debt schemes, the company spread over benchmark and number of days traded in the
concentration is analysed at an individual issuer specific past three months.
limit. The limit is linked with the credit rating of the issuer;
a high rated issuer will have higher limits and as the rating
declines the limit is reduced progressively. Exposure to

36
Asset quality Tracking error
Asset quality measures the probability of default by the This is used only for index schemes. The tracking error is an
issuer of a debt security to honour the debt obligation in estimation of the variability in a scheme’s performance vis-
time. à-vis the index that it tracks. The lower the tracking error,
the better.
Duration
Modified duration is considered across all the debt Count of Negative Returns
categories except liquid to capture the interest rate risk of The count of negative returns is used as parameter in
the portfolio. The lower the value, the better. arbitrage funds to capture downside risk of the funds.

Eligibility criteria
● Only open-ended funds are considered, both regular and direct plans ranked separately

● NAV history
− Three years for equity, hybrid, gilt, dynamic, medium to long and medium duration funds

− One year for arbitrage, banking & PSU, corporate bond, credit risk and other short duration funds, including liquid funds

● AUM cut-off criteria

Broad Investment Type^ AUM Cut-offs (Rs. Crore)*

Equity 10
Debt and Hybrid 50
Debt (<1 year) 250
Liquid 1000
^ Each of the broad investment types comprise of the following ranking categories -
Equity: Multi Cap, Flexi Cap, Large Cap, Large & Midcap, Midcap, Small Cap, Focused, Value/Contra, ELSS, Index/ETF
Hybrid: Aggressive Hybrid, Conservative Hybrid, Arbitrage
Debt: Gilt, Dynamic Bond, Medium to Long duration, Medium duration, Banking & PSU, Credit Risk, Corporate Bond, Short duration
Debt (<1 year): Money market, Low duration, Ultra short duration
* Cut-off to be met by funds during all the month-ends in the respective quarter, along with Quarterly Average AUM
If a fund not ranked on basis of AUM in the preceding quarter meets the AUM criteria, it will be put on hold for one quarter and ranked in the subsequent quarter
provided that the AUM criteria is satisfied in the subsequent quarter as well

● Complete portfolio disclosure for all three months in the last quarter

37
Parametric weights
Equity categories:
Large cap, large & mid cap, multi cap, flexi cap, mid cap,
Parameters Index / ETFs
value/contra, focused, small cap, ELSS

Mean Return (%) 55 -

Tracking error (%) - 100

Volatility (%) 25 -

Company concentration (%) 5 -

Industry concentration (%) 10 -

Equity - liquidity (%) 5 -

Time (years) 3 3

Hybrid categories:
Parameters Aggressive hybrid Conservative hybrid Arbitrage

Mean return (%) 50 50 60

Volatility (%) 25 10 25

Company concentration (%) 5 5

Industry concentration / exposure to

10 5
sensitive sector (%)*

Equity - liquidity (%) 10%*K 7.5%*K

Debt - asset quality (%) 5%* (100-K) 17.5

Debt liquidity (%) 5%* (100-K) 7.5%* (100-K)

Modified duration (%) - 5

Count of Negative Returns (%) 15

Time (years) 3 3 1
K = Equity component in hybrid schemes
* Industry concentration for equity and exposure to sensitive sectors for debt portion of the portfolio

Debt categories:
Banking and PSU, corporate bond, credit
Dynamic, medium to
Parameters Gilt risk, short duration, low duration, money Liquid
long, medium duration
market, ultra short term

Mean return (%) 50 50 50 50

Volatility (%) 25 10 10 10

Company concentration (%) - 5 5 5

Exposure to sensitive sector (%) - 5 5 5

Debt - asset quality (%) - 17.5 10 15

Debt liquidity (%) 15 7.5 15 15

Modified duration (%) 10 5 5 -

Time (years) 3 3 1 1

38
Annexure II – Exclusion list
The following SEBI-defined categories are currently excluded from the rankings:

Equity: Dividend yield funds, sectoral/thematic funds

Debt: Overnight funds, long duration funds, 10-year constant maturity gilt funds, floater funds

Hybrid: Dynamic asset allocation/balanced advantage funds, multi asset allocation funds, equity savings funds

Others: Solution-oriented funds, fund of funds, index/ETFs (other than ones replicating Nifty or Sensex)

Exclusion criteria for having excess cash and equivalent in debt funds: Funds with average cash and equivalent exposure (in 1
year or 3 years depending on category) more than below mentioned thresholds are excluded

Cash and equivalent exposure

Categories
threshold %

>= 35% Liquid, ultra-short term, low duration, money market, dynamic bond

>= 25% For rest of the debt categories (excluding gilt)

Miscellaneous:

● Index schemes that are benchmarked to indices other than S&P BSE Sensex and Nifty 50.

● Not pure arbitrage funds by mandate, have option to take some net equity exposure

● Funds which are slated to merge, funds which have discontinued/suspended fresh subscriptions, funds for which new
category has not been disclosed.
Other than the above, funds have also been excluded in accordance with the CMFR methodology. The complete list of these
funds is as follows:

Scheme name New category Reason for exclusion

Aditya Birla Sun Life Multi Cap Fund Multi Cap Fund Does not have three-year NAV history

Axis Arbitrage Fund Arbitrage Fund May deviate from market neutral arbitrage strategy

Axis Growth Opportunities Fund Large & Mid Cap Fund Exposure to foreign equities is more than 20%

Axis Multicap Fund Multi Cap Fund Does not have three-year NAV history

Axis Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history

Axis Value Fund Value Fund Does not have three-year NAV history

Baroda Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria

Baroda Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria

Baroda Gilt Fund Gilt Fund Did not meet AUM criteria

Baroda Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history

Baroda Money Market Fund Money Market Fund Did not meet AUM criteria

Baroda Treasury Advantage Fund Low Duration Fund Did not meet AUM criteria

Baroda Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria

39
Scheme name New category Reason for exclusion

BNP Paribas Corporate Bond Fund Corporate Bond Fund Did not meet AUM criteria

BNP Paribas Liquid Fund Liquid Fund Did not meet AUM criteria

BNP Paribas Medium Term Fund Medium Duration Fund Did not meet AUM criteria

BOI AXA Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

BOI AXA Bluechip Fund Large Cap Fund Does not have three-year NAV history

BOI AXA Conservative Hybrid Conservative Hybrid Fund Did not meet AUM criteria

BOI AXA Credit Risk Fund Credit Risk Fund Did not meet the category definition

BOI AXA Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history

BOI AXA Liquid Fund Liquid Fund Did not meet AUM criteria

BOI AXA Short Term Income Fund Short Duration Fund Did not meet AUM criteria

BOI AXA Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria
Canara Robeco Focused Equity Fund Focused Fund Does not have three-year NAV history

Canara Robeco Small Cap Fund Small Cap Fund Does not have three-year NAV history

Canara Robeco Value Fund Value Fund Does not have three-year NAV history

DSP Nifty 50 ETF Index Funds/ETFs Does not have three-year NAV history

DSP NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history

DSP Value Fund Value Fund Does not have three-year NAV history

Historical attributes of the fund do not match that of

Edelweiss Aggressive Hybrid Fund Aggressive Hybrid Fund
the category
Edelweiss Large & Midcap Index Fund Large & Mid Cap Fund Does not have three-year NAV history

Edelweiss Liquid Fund Liquid Fund Did not meet AUM criteria

Edelweiss Nifty 50 Index Fund Index Funds/ETFs Did not meet AUM criteria

Edelweiss Small Cap Fund Small Cap Fund Does not have three-year NAV history

HDFC Multicap Fund Multi Cap Fund Does not have three-year NAV history

Medium to Long Duration

HSBC Debt Fund Did not meet AUM criteria
Fund

HSBC Focused Equity Fund Focused Fund Does not have three-year NAV history

HSBC Large and Mid Cap Equity Fund Large & Mid Cap Fund Does not have three-year NAV history

HSBC Low Duration Fund Low Duration Fund Did not meet AUM criteria

HSBC Mid Cap Fund Mid Cap Fund Does not have three-year NAV history

ICICI Prudential Flexicap Fund Flexi Cap Fund Does not have three-year NAV history

IDBI Credit Risk Fund Credit Risk Fund Did not meet AUM criteria

IDBI Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria

IDBI Gilt Fund Gilt Fund Did not meet AUM criteria

IDBI Liquid Fund Liquid Fund Did not meet AUM criteria

IDBI Short Term Bond Fund Short Duration Fund Did not meet AUM criteria

40
Scheme name New category Reason for exclusion

IDFC Credit Risk Fund Credit Risk Fund Did not meet the category definition

IDFC Emerging Businesses Fund Small Cap Fund Does not have three-year NAV history

IDFC Multicap Fund Multi Cap Fund Does not have three-year NAV history

IDFC Sensex ETF Index Funds/ETFs Did not meet AUM criteria

IIFL Liquid Fund Liquid Fund Did not meet AUM criteria

Indiabulls Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

Indiabulls Dynamic Bond Fund Dynamic Bond Fund Did not meet AUM criteria

Indiabulls Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria

Indiabulls ETF - Nifty 50 Index Funds/ETFs Does not have three-year NAV history

Indiabulls Liquid Fund Liquid Fund Did not meet AUM criteria

Indiabulls Short Term Fund Short Duration Fund Did not meet AUM criteria
Invesco India Credit Risk Fund Credit Risk Fund Did not meet the category definition

Invesco India Focused 20 Equity Fund Focused Fund Does not have three-year NAV history

Invesco India Gilt Fund Gilt Fund Did not meet AUM criteria

Invesco India Medium Duration Fund Medium Duration Fund Does not have three-year NAV history

ITI Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

ITI Banking & PSU Debt Fund Banking and PSU Fund Did not meet AUM criteria

ITI Dynamic Bond Fund Dynamic Bond Fund Does not have three-year NAV history

ITI Large Cap Fund Large Cap Fund Does not have three-year NAV history

ITI Liquid Fund Liquid Fund Did not meet AUM criteria

ITI Long Term Equity Fund ELSS Does not have three-year NAV history
ITI Mid Cap Fund Mid Cap Fund Does not have three-year NAV history

ITI Multi Cap Fund Multi Cap Fund Does not have three-year NAV history

ITI Small Cap Fund Small Cap Fund Does not have three-year NAV history

ITI Ultra Short Duration Fund Ultra Short Duration Fund Does not have one-year NAV history

ITI Value Fund Value Fund Does not have three-year NAV history

JM Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

Historical attributes of the fund do not match that of

JM Dynamic Debt Fund Dynamic Bond Fund
the category
JM Equity Hybrid Fund Aggressive Hybrid Fund Did not meet AUM criteria

Medium to Long Duration

JM Income Fund Did not meet AUM criteria
Fund

JM Large Cap Fund Large Cap Fund Outlier fund in the category

JM Liquid Fund Liquid Fund Did not meet AUM criteria

JM Low Duration Fund Low Duration Fund Did not meet AUM criteria

Kotak Focused Equity Fund Focused Fund Does not have three-year NAV history

41
Scheme name New category Reason for exclusion

Kotak Multicap Fund Multi Cap Fund Does not have three-year NAV history

Kotak NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history

L&T Conservative Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria

L&T Credit Risk Fund Credit Risk Fund Did not meet the category definition

L&T NIFTY 50 Index Fund Index Funds/ETFs Does not have three-year NAV history

LIC MF Arbitrage Fund Arbitrage Fund Did not meet AUM criteria

LIC MF Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

Mahindra Manulife Arbitrage Yojana Arbitrage Fund Did not meet AUM criteria

Historical attributes of the fund do not match that of

Mahindra Manulife Dynamic Bond Yojana Dynamic Bond Fund
the category
Mahindra Manulife Flexi Cap Yojana Flexi Cap Fund Does not have three-year NAV history
Mahindra Manulife Focused Equity
Focused Fund Does not have three-year NAV history
Yojana
Mahindra Manulife Hybrid Equity Nivesh
Aggressive Hybrid Fund Does not have three-year NAV history
Yojana

Mahindra Manulife Large Cap Pragati

Large Cap Fund Does not have three-year NAV history
Yojana
Mahindra Manulife Short Term Fund Short Duration Fund Does not have one-year NAV history

Mahindra Manulife Top 250 Nivesh

Large & Mid Cap Fund Does not have three-year NAV history
Yojana
Mahindra Manulife Ultra Short Term
Ultra Short Duration Fund Did not meet AUM criteria
Fund
Mirae Asset Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history

Mirae Asset Focused Fund Focused Fund Does not have three-year NAV history

Mirae Asset Midcap Fund Mid Cap Fund Does not have three-year NAV history

Mirae Asset Money Market Fund Money Market Fund Does not have one-year NAV history

Mirae Asset Ultra Short Duration Fund Ultra Short Duration Fund Did not meet AUM criteria

Motilal Oswal Large and Midcap Fund Large & Mid Cap Fund Does not have three-year NAV history

Motilal Oswal Liquid Fund Liquid Fund Did not meet AUM criteria

Motilal Oswal Nifty 50 Index Fund

Index Funds/ETFs Does not have three-year NAV history
(MOFNIFTY50)
Motilal Oswal Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

Navi Liquid Fund Liquid Fund Did not meet AUM criteria

Navi Nifty 50 Index Fund Index Funds/ETFs Does not have three-year NAV history

Navi Regular Savings Fund Conservative Hybrid Fund Did not meet AUM criteria

Navi Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

Nippon India Flexi Cap Fund Flexi Cap Fund Does not have three-year NAV history

42
Scheme name New category Reason for exclusion

PGIM India Credit Risk Fund Credit Risk Fund Did not meet AUM criteria

PGIM India Insta Cash Fund Liquid Fund Did not meet AUM criteria

PGIM India Low Duration Fund Low Duration Fund Did not meet AUM criteria

PGIM India Money Market Fund Money Market Fund Did not meet AUM criteria

PGIM India Short Maturity Fund Short Duration Fund Did not meet AUM criteria

PGIM India Small Cap Fund Small Cap Fund Does not have three-year NAV history

Parag Parikh Conservative Hybrid Fund Conservative Hybrid Fund Does not have three-year NAV history

Parag Parikh Flexi Cap Fund Flexi Cap Fund Exposure to foreign equities is more than 20%

Parag Parikh Tax Saver Fund ELSS Does not have three-year NAV history

Quant Liquid Fund Liquid Fund Did not meet AUM criteria

Quant Value Fund Value Fund Does not have three-year NAV history
Quantum Liquid Fund Liquid Fund Did not meet AUM criteria

Shriram Long Term Equity Fund ELSS Does not have three-year NAV history

Sundaram Debt Oriented Hybrid Fund Conservative Hybrid Fund Did not meet AUM criteria

Sundaram Money Market Fund Money Market Fund Did not meet AUM criteria

Tata Corporate Bond Fund Corporate Bond Fund Does not have one-year NAV history

Tata Focused Equity Fund Focused Fund Does not have three-year NAV history

Tata Nifty ETF Fund Index Funds/ETFs Does not have three-year NAV history

Taurus Nifty Index Fund Index Funds/ETFs Did not meet AUM criteria

TRUSTMF Banking & PSU Debt Fund Banking and PSU Fund Does not have one-year NAV history

TRUSTMF Liquid Fund Liquid Fund Does not have one-year NAV history
TRUSTMF Short Term Fund Short Duration Fund Does not have one-year NAV history

Union Focused Fund Focused Fund Does not have three-year NAV history

Union Hybrid Equity Fund Aggressive Hybrid Fund Does not have three-year NAV history

Union Large and Mid Cap Fund Large & Mid Cap Fund Does not have three-year NAV history

Union Medium Duration Fund Medium Duration Fund Does not have three-year NAV history

Union Midcap Fund Mid Cap Fund Does not have three-year NAV history

Union Money Market Fund Money Market Fund Does not have one-year NAV history

UTI Focused Equity Fund Focused Fund Does not have three-year NAV history

UTI Small Cap Fund Small Cap Fund Does not have three-year NAV history

YES Liquid Fund Liquid Fund Did not meet AUM criteria

YES Ultra Short Term Fund Ultra Short Duration Fund Did not meet AUM criteria

43
Contact details
[email protected]

Analyst Disclosure
Notwithstanding any member(s) of the team, who are involved in the preparation of this Report and/or whose names are published as
part of this Report and their relatives, having financial interest or actual/ beneficial ownership in the form of securities holding (of less
than 1%), at an individual level, if any, with any of the members having served as officers, directors, or employees of the companies in
the last 6 months or having engaged in market making activities, in the subject companies, there exists no material conflict of interest
which can affect the neutrality or bias the output of the Report, given the deployed procedural safeguards including but not limited to
objective methodology followed in the process of execution with no influence at an analyst level and the outputs being executed at a
portfolio level, with no separate analysis for an individual company.

Terms and Conditions

This Report is based on data publicly available or from sources considered reliable. CRISIL Research does not represent that the Report
is accurate or complete and hence, it should not be relied upon as such. Opinions expressed herein are our current opinions as on the
date of this report. Nothing in this report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The
subscriber/ user assume the entire risk of any use made of this data/ report. CRISIL especially states that, it has no financial liability
whatsoever, to the subscribers/ users of this report.
The report is for use within the jurisdiction of India only. Nothing in this report is to be construed as CRISIL providing, or intending to
provide, any services in other jurisdictions where CRISIL does not have the necessary permissions and/ or registration to carry out its
business activities. The user will be solely responsible for ensuring compliance for use of the report, or part thereof, outside India.
CRISIL Research operates independently of, and does not have access to information obtained by CRISIL’s Ratings division and/ or
CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential
nature. The views expressed in this Report are that of CRISIL Research, and not of CRISIL Ratings or CRIS.

Company Disclosure
1. CRISIL Research or its associates do not provide investment banking or merchant banking or brokerage or market making services.
2. CRISIL Research encourages independence in research report preparation and strives to minimize conflict in preparation of
research reports through strong governance architecture comprising of policies, procedures, and disclosures.
3. CRISIL Research prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the
securities or derivatives of companies that the analysts cover.
4. CRISIL Research or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report
as of the last day of the month preceding the publication of the research report.
5. CRISIL Research or its associates may have financial interest in the form of holdings in the subject company mentioned in this
report.
6. CRISIL Research may have commercial interests with one or more asset management companies whose funds have been
considered for analysis in this Report, provided that nothing herein shall affect the neutrality or bias the output of the Report due to
reasons including but not limited to deployed procedural safeguards such as objective methodology and criteria followed in the
process of execution with no influence at an analyst level.
7. CRISIL receives compensation from the company mentioned in the report or third party in connection with preparation of the
research report.
8. As a provider of ratings, grading, data, research, analytics and solutions, infrastructure advisory, and benchmarking services,
CRISIL or its associates are likely to have commercial transactions with the company and may receive compensation for the
services provided.
9. CRISIL Research or its associates do not have any other material conflict of interest at the time of publication of the report.
10. No material disciplinary action has been taken against CRISIL Research or its analysts by any Regulatory Authority impacting
Research Analyst activities.
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information
obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or
completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data /
Report. This Report is not a recommendation to invest / disinvest in any company / entity covered in the Report and no part of this report
should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/
users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information
obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations,
obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s Ratings
Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.
 About CRISIL Limited
CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.
CRISIL, its subsidiaries and associates, provide ratings, gradings, data, research, analytics and solutions, infrastructure advisory, and
benchmarking services to its clients. Details of the services provided by CRISIL are available at https://crisil.com/
It is majority owned by S&P Global Inc (SPGI), a leading provider of transparent and independent ratings, benchmarks, analytics, and
data to the capital and commodity markets worldwide. Details of the services provided by SPGI are available at
https://www.standardandpoors.com/en_US/web/guest/home

About CRISIL Research

CRISIL Research, a division of CRISIL, is India’s largest independent integrated research house and is registered as a Research Analyst
with SEBI (Registration No INH000007854). We provide insights, opinion, analysis, and data on the Indian economy, industry, capital
markets, and companies. We also conduct executive training programs, predominantly in the area of credit and risk management. We
are India’s one of the most credible providers of economy and industry research. Our analysis is supported by inputs from our large
network of sources, including industry experts, industry associations, and trade channels. We play a key role in India’s fixed income
markets, being the largest provider of valuation of fixed income securities to the mutual fund, insurance, and banking sector in the
country. We are also a prominent provider of debt and hybrid indices to India’s mutual fund and life insurance industries as benchmarks
for performance assessment.
CRISIL Research also undertakes Equity and Debt valuation, publishes Mutual Fund Ranking for mutual fund schemes (across equity,
debt, and hybrid asset classes) and provides Portfolio Analytics for Institutional Investors, which involves deep analysis of portfolio for
corporates, pension funds, and provident funds at an asset class level. Our platform for wealth managers, Alphatrax, offers in-depth
analysis of performance and portfolio-based attributes for diverse asset classes. It also enables investors to assess industry and
company level risks based on CRISIL’s proprietary models. We also provide Equity Support services to the domestic market
intermediaries that use our research reports to assist their clients in making investment decisions in relation to listed or to be listed
securities in India.
Quantix, our integrated data and analytics platform, finds use in diverse functions across the financial sector, corporates, and
consulting firms including business strategy, deal/ loan origination, credit underwriting, risk monitoring, and treasury/ investment
management.
Our Company reports (that combine select financial and non-financial data, analytics from our proprietary risk models, and commentary
on company’s financial performance) are used by large commercial banks and financial institutions as part of their credit/ risk
management process.
Our SME Performance Gradings, used by lenders, assess creditworthiness of SME enterprises relative to the peers leveraging our
proprietary grading model. The framework includes assessment of entity-level financial and operating performance, as well as industry-
level drivers.
Our defining trait is the ability to convert information and data into expert judgments and analytics with utmost objectivity. We leverage
our deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro and cross-
sectoral linkages.
Our talent pool comprises of economists, sector experts, company analysts and information management specialists.

CRISIL Privacy
CRISIL respects your privacy. We may use your contact information, such as your name, address, and email id to fulfil your request and service
your account and to provide you with additional information from CRISIL. For further information on CRISIL’s privacy policy please visit
www.crisil.com/privacy.

Argentina | China | Hong Kong | India | Poland | Singapore | UK | USA | UAE

CRISIL Limited: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai – 400076. India
Phone: + 91 22 3342 3000 | Fax: + 91 22 3342 3001 | www.crisil.com